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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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Suppose Specific Automakers is considering signing a long-term contract with the union representing its workers. Specific Automa
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Explanation:

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Real wages should increase by = 2%

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Brown Fashions Inc.'s December 31, 2018 balance sheet showed total common equity of $4,050,000 and 165,000 shares of stock outst
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Book value per share = Total Common Equity / Shares Outstanding

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Suppose a local bank increases the fees they charge for their bank accounts by 2020 percent. In​ response, the demand for their
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