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SCORPION-xisa [38]
3 years ago
12

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

end of the fiscal period to adjust Merchandise Inventory?
Business
1 answer:
Sphinxa [80]3 years ago
5 0

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

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a. a discount

Explanation:

Options are <em>"a. a discount. b. a premium, c. par, d. either a discount or premium"</em>

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3 years ago
​Poland's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturi
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Answer:

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