Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hala ltd has included inventory in its financial s

Hala Ltd has included inventory in its financial statements at 30 November 20X3 ot retail...

70.2K

Verified Solution

Question

Accounting

Hala Ltd has included inventory in its financial statements at 30 November 20X3 ot retail price of 61.560 The company earns a gross margin of 35% on its sale

What journal entry is required to correct this error?

A. Debit Cost of sales 21,546; Credit Inventory 21.546

B. Debit Inventory 21,546; Credit Cost of sales 21,546

C. Debit Inventory 15.960; Credit Cost of sales 15,960

D. Debit Cost of sales 15,960; Credit Inventory 15,960

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

All of the following became important leisure and public recreation activities at the turn of...

Chemistry
1.2K views

Determine the pH of a 0.046 M iodous acid (HIO2) solution. Iodous acid is a weak...

Physics
1.2K views

Johannes Kepler was a German mathematician and astronomer who lived from 1571-1630. He discovered the...

Basic Math
1.2K views

5 i is a zero of a quadratic equation with real coefficients Find the other...

Calculus
1.2K views

There are 320 available to fence in a rectangular garden One side of this garden...

Accounting
1.2K views

A review of the accounting records of Solomon Manufacturing indicated that the company...

Accounting
1.2K views

Indigo Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is...

Accounting
1.2K views

Suppose in its income statement for the year ended June 30, 2025, The Clorox Company...

Accounting
1.2K views

True or False. If the goods required for the performance of a contract are destroyed...

Accounting
1.2K views

You are ready to purchase your first home. Your annual salary is $42.000, but been...

Accounting
1.2K views

Problem 12-49 (LO 12-3) [The following information applies to the questions displayed below.]...

Accounting
1.2K views

Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell...