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Adjusting Entries for Merchandise Inventory
Transcript of Adjusting Entries for Merchandise Inventory
Prepare the adjusting entries on RRBDC company:
1/1/12 P 300,100
12/31/12 345,200 EXAMPLE:
JASPER's MONKEY T'shirt company has a beginning inventory of 200,800. The physical count made has a price of 145,000. Prepare the following adjusting entries. ANSWER IT CLASS. HAHA :D FACTORS ON WHY WE ADJUST: Income Summary 200,800
Merchandise Inventory, Beg. 200,800
Merchandise Inventory, End. 145,000
Income Summary 145,000 Income Summary xxx
Merchandise Inventory,BEG xxx Merchandise Inventory, END xxx
Income Summary xxx Shrinkage
Error in Book