4 Required information[The following information applies to the questions displayed below.]Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normalbalances (Nix'lt uses the perpetual inventory system).Merchandise inventoryRetained earningsDividends$ 37,800115,3007,000160, 2004,700$ 6,500105,e0010, зее32,5005,000Sales returns and allowancesCost of goods soldDepreciation expenseSalaries expenseMiscellaneous expensesSalesSales discountsA physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is$35,900.Prepare the entry to record any inventory shrinkage.< Prev12of 14Next >11 Required informationView ransaction istJournal entry worksheet1Record the adjustment for inventory shrinkage based on physical count.Note: Enter debits before credits.DateGeneral JournalDebitCreditJuly 31...< Prev11 12of 14Next >...

These are the accounting transactions that are having a monetary impact on the financial statement…

[The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the fol balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings $ 37,800 Sales returns and al Cost of goods sold 7,000 Depreciation expense Salanior oxn 115, 300 Dividends Salor 160 200

[The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the fol balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings $ 37,800 Sales returns and al Cost of goods sold 7,000 Depreciation expense Salanior oxn 115, 300 Dividends Salor 160 200

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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