Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System bby Smith owns and operates Ibby's Ice Cream Cones. Her beginning inventory as of January 1, 20-, was $48,300, and her ending inventory as of December 31, 20- , was $55,200. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory. Jse the labels shown. a) Remove the beginning balance in Merchandise Inventory. b) Add the new balance in Merchandise Inventory. Merchandise Inventory
Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System bby Smith owns and operates Ibby's Ice Cream Cones. Her beginning inventory as of January 1, 20-, was $48,300, and her ending inventory as of December 31, 20- , was $55,200. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory. Jse the labels shown. a) Remove the beginning balance in Merchandise Inventory. b) Add the new balance in Merchandise Inventory. Merchandise Inventory
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 1SEA: ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Matt Henry owns a...
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Transcribed Image Text:Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System
Ibby Smith owns and operates Ibby's Ice Cream Cones. Her beginning inventory as
of January 1, 20--, was $48,300, and her ending inventory as of December 31, 20-
-, was $55,200. Set up T accounts for Merchandise Inventory and Income Summary
and perform the year-end adjustment for Merchandise Inventory.
Use the labels shown.
(a) Remove the beginning balance in Merchandise Inventory.
(b) Add the new balance in Merchandise Inventory.
Merchandise Inventory
(Beginning Inventory)
48,300
Income Summary
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