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What adjusting entry should ready retailer prepare

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Reference no: EM132802971

Ready Retailer reported Inventory in the amount of $ 88,000 on their December 31, 2019, Balance Sheet.

  • During the course of the year, Ready Retailer always "Expenses" any inventory that is purchased during the year, with "Cost of Goods Sold" always being the account debited.
  • At the end of the year, Ready Retailer completes a physical count of their inventory, and makes an adjusting entry so that their Inventory account is properly stated on their year-end, audited financial statements.
  • During 2020, Ready Retailer purchased a total of $ 720,000 of Inventory. On December 31, 2020, a physical count of inventory indicated that $ 105,000 of Inventory remained on hand.

Problem 1: What "adjusting entry" should Ready Retailer prepare on December 31, 2020 so that their Inventory balance is properly stated?

Reference no: EM132802971

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