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  1. business
  2. accounting
  3. inventory is $12,000 lower than its current "imven

inventory is $12,000 lower than its current "Imventory" account balance Which of the following shows...

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Accounting

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inventory is $12,000 lower than its current "Imventory" account balance Which of the following shows the correct response for what Archer should do because of this difference? A. It should credit its "Inventory" account by $12,000. A. It should credit its "Sales Revenue" account by $12,000 (C.) It should credit its "Cost of Goods Sold" account by $12,000 D. It should debit its "Sales Revenue Becount by $12,000. E. It should not make a jourmal entry. 5. Which of the following is NOT an example of a contra-asset account? A. LIFO Reserve B. Discount on Note Receivable C. Allowance to Reduce Inventory to Market (D.) Loss on write-down of inventory E. Allowance for Uncollectible Accounts

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