Basga Company uses the periodic inventory system. Beginning inventory amounted to $135,961. A physical count reveals that the latest inventory amount is $144,639. Record the adjusting entries, using T accounts. Merchandise Inventory Income Summary (a) Adj. (b) Adj. Bal. (a) Adj. (b) Adj. On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to $174,755. The Merchandise Inventory account shows a balance of $177,376. Journalize the adjusting entry. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Adjusting Entries Dec. 31

Basga Company uses the periodic inventory system. Beginning inventory amounted to $135,961. A physical count reveals that the latest inventory amount is $144,639. Record the adjusting entries, using T accounts. Merchandise Inventory Income Summary (a) Adj. (b) Adj. Bal. (a) Adj. (b) Adj. On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to $174,755. The Merchandise Inventory account shows a balance of $177,376. Journalize the adjusting entry. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Adjusting Entries Dec. 31

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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