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York Merchandising Company uses a perpetual inventory system.At the end of the accounting period,a physical count of merchandise inventory reveals a balance of $76,500.The books show a balance of $78,200.
(a)Prepare the adjusting entry.Omit explanation.
(b)Discuss the possible causes for the difference between the physical count and the balance in the books.
(c)How does this affect net income?
Exceeded
To go beyond an established limit or standard.
More Than One Vendor
Utilizing services or products from multiple suppliers or companies instead of relying on a single source.
Estimate Cost
The process of forecasting the financial expenditure required to complete a project or produce a good.
Selection Phase
The stage in a project or procurement process where options are evaluated and choices are made regarding resources, suppliers, or methods.
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