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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is $200,000. If the firm is using the periodic inventory system, what does this balance represent?

To determine

State the balance that is represented if the firm using the periodic inventory system and it has the balance of $200,000 in the merchandise account.

Explanation

Periodic inventory system:

The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

Merchandise inventory –Periodic inventory system:

The balance that is recorded is “Beginning inventory...

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