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Case (I): On Jan 1, a firm paid $25 for an Intel chip. On Feb...

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Accounting

Case (I): On Jan 1, a firm paid $25 for an Intel chip. On Feb 28, the NRV of the chip is $20. The adjusting entry is Dr. COGS (+E, -R/E) $5 Cr. Inventory (-A) $5 What is the effect on I/S and B/S? Suppose the firm sells the chip at $18 on Mar 31. Record the journal entry for the sale. Case (II): On Feb 28, the NRV of the chip is now $30. What is the adjusting entry? Also suppose the firm sells the chip at $18 on Mar 31. Record the journal entry for the sale

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