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The beginning inventory of Norcal Wholesalers was $123,000, and the ending inventory is $104,319. What entries are needed at
The beginning inventory of Norcal Wholesalers was $123,000, and the ending inventory is $104,319. What entries are needed at
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Answer #1
Date accounts debit credit
december 31 Income summary 123,000
..........To merchandise inventory a/c 123,000
(to adjust beginning inventory)
december 31 Merchandise inventory a/c 104,319
.........To Income summary 104,319
(to adjust ending inventory)
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