Roland Richard, a baker, purchased 200 ounces off of an expensive spice for $400 on 3/1/09. The journal entry to record the purchase was:
3/1/09 Spice Inventory 400
Cash 400
By December, 12/31/09, there were 80 ounces on hand. Which of the following is the correct adjusting journal entry for 12/31/09?
A. debit Spice Expense and credit Spice Inventory 160
B. debit Spice Inventory and credit Spice Expense 160
C. debit Spice Inventory and credit Spice Expense 240
D. debit Spice Expense and credit Spice Inventory 240
Answers: 1
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Roland Richard, a baker, purchased 200 ounces off of an expensive spice for $400 on 3/1/09. The jour...
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