The beginning inventory of SoCal Wholesalers was $121,000, and the ending inventory is $116,500. What entries are needed at the

Question

2 years ago

12

end of the fiscal period to adjust Merchandise Inventory?

1 answer:

Sphinxa [80] · Answer 1 · 2022-08-09T14:36:02+03:00

Answer and Explanation:

The journal entries that are required to adjust merchandise inventory is given below:

Income Summary $121,000

To Inventory $121,000

(Being eliminate Beginning inventory balance is recorded)

Inventory $116,500

To Income Summary $116,500

(Being the cost of ending inventory is recorded)

These two entries should be recorded for adjusting merchandise inventory