Dog-eared Book Shop’s accounts at June 30, 2016, included

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Dog-eared Book Shop’s accounts at June 30, 2016, included

Dog-eared Book Shop’s accounts at June 30, 2016, included the following unadjusted balances: Merchandise Inventory …. $ 5,800 Cost of Goods Sold ……. 33,750 Sales Revenue ………. 75,000 Sales Discounts ……. 1,100 Sales Returns and Allowances …. 2,500 The cost associated with the physical count of inventory on hand on June 30, 2016, was $5,300. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Compute the gross profit.

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