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PARRISH 7-5 END OF PERIOD ADJUSTMENTS Please complete the following, accurately. Thank you. Local Hardware uses periodic inventory method.  At the end of the accounting period,  the company takes a physical inventory and finds that $20,671 of goods are on hand.  Purchases during the period were $76,216 and inventory at the beginning of the period was $25,632.  Freight on merchandise coming into the business was $2,799, and returns of merchandise to suppliers amounted to $1776.  Please record the journal entry to be made by Local Hardware at the end of the accounting period to close the old inventory and record the new one.

PARRISH 7-5 END OF PERIOD ADJUSTMENTS Please complete the following, accurately. Thank you. Local Hardware uses periodic inventory method.  At the end of the accounting period,  the company takes a physical inventory and finds that $20,671 of goods are on hand.  Purchases during the period were $76,216 and inventory at the beginning of the period was $25,632.  Freight on merchandise coming into the business was $2,799, and returns of merchandise to suppliers amounted to $1776.  Please record the journal entry to be made by Local Hardware at the end of the accounting period to close the old inventory and record the new one.

Corporate Financial Accounting
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter5: Accounting For Retailing Businesses
Section: Chapter Questions
Problem 5.10BPR: Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 20Y9, the...
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PARRISH 7-5 END OF PERIOD ADJUSTMENTS

Please complete the following, accurately. Thank you.

Local Hardware uses periodic inventory method.  At the end of the accounting period,  the company takes a physical inventory and finds that $20,671 of goods are on hand.  Purchases during the period were $76,216 and inventory at the beginning of the period was $25,632.  Freight on merchandise coming into the business was $2,799, and returns of merchandise to suppliers amounted to $1776.  Please record the journal entry to be made by Local Hardware at the end of the accounting period to close the old inventory and record the new one.

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