The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of inventory shows $67,000 Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.)
A)
Cost of Goods Sold 3,000
Shrinkage Expense 3,000
B)
Merchandise Inventory 3,000
Cost of Goods Sold 3,000
C)
Cost of Goods Sold 3,000
Merchandise Inventory 3,000
D)
Cash 3,000
Merchandise Inventory 3,000
C
Business
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Indicate whether the statement is true or false
Business
A broker is required to keep his principal informed of all material facts. A broker who holds a listing from the seller must disclose which of the following facts when presenting an offer?
A. The purchaser is not of the Caucasian race B. A cooperating broker will be presenting a higher offer the following day C. The buyer's lender is insisting on an impound account D. None of the above
Business