The General Ledger Shows a Balance of $67,900 in the Merchandise

question 116

Multiple Choice

The general ledger shows a balance of $67,900 in the Merchandise Inventory account at the end of the period. The physical inventory count shows inventory of $65,300. The adjusting entry includes a:

• A)debit to Cost of Goods Sold and a credit to Merchandise Inventory for $2,600.
• B)debit to Cost of Goods Sold and a credit to Cash for $2,600.
• C)debit to Merchandise Inventory and a credit to Cost of Goods Sold for $2,600.
• D)debit to Merchandise Inventory and a credit to Cash for $2,600.

Grasp the dynamic process of motor development and its linkage with sensory information.

Identify the interplay between locomotion and postural control in learning to walk.

Recognize the replacement of certain reflexes by voluntary actions as a child develops.

Understand the dynamic systems view of motor development and its contrast with genetic maturation theories.

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Definitions:

Notes Receivable

Financial assets representing amounts owed to a company, usually evidenced by a formal promissory note.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the company's operating cycle, whichever is longer.

Allowance Method

An approach in accounting that calculates expected losses from bad debts by assessing uncollectible accounts at the conclusion of each period.

Estimated Bad Debts

A provision in accounting for the amount of receivables that are expected not to be collected, considered an expense.