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Journalizing adjusting entries and computing gross profit Emerson St John Book Shop uses a perpetual inventory system Emerson St John Book Shops accounts at June 302016 included the following

Journalizing adjusting entries and computing gross profit Emerson St. John Book Shop uses a perpetual inventory system. Emerson St. John Book Shop’s accounts at June 30, 2016, included the following unadjusted balances:

The cost associated with the physical count of inventory on hand on June 30, 2016, was $5,000. Requirements

1. Journalize the adjustment for inventory shrinkage.

2. Compute the gross profit.

 

 

 

Apr 21 2020 View more View Less

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