Acc422 - Name: Exercise: Course: Date: Exercise 8-5,...

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Name: Exercise: Exercise 8-5, Recording Bad Debts Course: Acc 422 Date: 1. Craig uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on No entry requried. .Beginning balance 234,890 13,420 Adj entry need to match period. Title transfer took place in 2008. No change in Invon Dec 31 Sales Accounts recievable Adj entry need to match period. Title transfer took place in 2007. No change in Invon Dec 31 Inventory Accounts payable No entry needed. Adjustment of Inventory + 8,540 Included in inventory was $10,438 of inventory held by Craig on consignment from Jackel Industries. No entry needed. Consignment is not held on inventory. Adjustment of Inventory - (10,438) No entry needed. Title transefered at common carrier . Adjustment of Inventory - (10,520) (Inventoriable Costs—Error Adjustments) Craig Company asks you to review its Decem adjustments to the books. The following information is given to you. Not included in the physical count of inventory is $13,420 of merchandise purchased on December 15 from
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Acc422 - Name: Exercise: Course: Date: Exercise 8-5,...

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