» Q-8-3b. Adjust Perpetual Inventory Records Craig's Design and Landscaping Services accountant needs to record an inventory adjustment for the purpose of adjusting the inventory quantity of an item to a physical count at year-end. The physical count for the item was less than the quantity on hand in QBO. Open the Inventory Quantity Adjustment window and answer the following question. Which account is the default account used to record the effects of the inventory quantity adjustment? Please add checkmark next to the correct answer(s). 1 Cost of Goods Sold 2 Inventory 3 Inventory Shrinkage 4 Miscellaneous Expense
» Q-8-3b. Adjust Perpetual Inventory Records Craig's Design and Landscaping Services accountant needs to record an inventory adjustment for the purpose of adjusting the inventory quantity of an item to a physical count at year-end. The physical count for the item was less than the quantity on hand in QBO. Open the Inventory Quantity Adjustment window and answer the following question. Which account is the default account used to record the effects of the inventory quantity adjustment? Please add checkmark next to the correct answer(s). 1 Cost of Goods Sold 2 Inventory 3 Inventory Shrinkage 4 Miscellaneous Expense
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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Transcribed Image Text:» Q-8-3b. Adjust Perpetual Inventory Records
Craig's Design and Landscaping Services accountant needs to record an inventory adjustment for the purpose of
adjusting the inventory quantity of an item to a physical count at year-end. The physical count for the item was less than
the quantity on hand in QBO. Open the Inventory Quantity Adjustment window and answer the following question.
Which account is the default account used to record the effects of the inventory quantity adjustment?
Please add checkmark next to the correct answer(s).
1 Cost of Goods Sold
2 Inventory
3 Inventory Shrinkage
4 Miscellaneous Expense
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