Baltic Supplies Provides the Worksheet Shown Below at the End

question 124

Essay

Baltic Supplies provides the worksheet shown below at the end of the year.
A count of the physical inventory at year-end shows that there is actually $11,000 of inventory left.Assuming this is the only adjusting entry needed at year-end,please post the inventory adjustment to the worksheet and update the adjusted trial balance.

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Definitions:

Very Strong Association

A term used in statistics to describe a relationship between two variables that shows a high level of correlation or dependency.

Linear Association

A relationship between two variables that can be graphically represented with a straight line, indicating that changes in one variable correlate to changes in the other.

Negative Association

A connection between two variables where as one variable rises, the other falls.

Moderately Strong Association

A term in statistics indicating a fairly significant relationship between two variables, though not perfectly predictive.