Waec Model Questions Vol1 2024 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
The Merchandise Inventory ledger of Delta Stores opens with a debit balance of ₦15,000. During the month the following entries are posted to the ledger: purchases on credit ₦22,500; purchase returns ₦1,200 (credit side); freight‑in ₦800; cost of goods sold ₦28,000 (debit side). A physical count at month‑end indicates that the inventory on hand should be ₦9,500. Calculate the closing balance of the Merchandise Inventory ledger after posting the above entries and determine the amount of the inventory adjustment entry required to bring the ledger balance to the physical‑count amount.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 14. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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