The Inventory Account Balance Is $50,000

question 15

Multiple Choice

The inventory account balance is $50,000. An actual count of inventory reveals that actual inventory is $43,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system)

• A)a $43,000 credit to Merchandise Inventory
• B)a $50,000 debit to Cost of Goods Sold
• C)a $7,000 credit to Cost of Goods Sold
• D)a $7,000 credit to Merchandise Inventory

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Definitions:

Dorothea Dix

An American activist who, in the 19th century, led efforts to change the treatment of the mentally ill and to reform prisons in the U.S.

Public Institutions

Organizations or establishments funded and operated by the government, serving the public interest.

Mentally Ill

Refers to individuals suffering from mental health disorders that affect their mood, thinking, and behavior.

Population of Free Blacks

The demographic of African Americans who were not enslaved, especially significant before the Civil War in the 19th century United States.