| Merchandise Inventory
To prepare ajusting entries and an adjusted trial balance, this information is given:
The ending inventory of merchandise is counted and determined to have a cost of $12,700 - the company uses a perpetual inventory system.
The unadjusted trial balance shows the following:
Merchandise Inventory - Dr. 12,700
Sales - Cr. 80,000
Cost of goods sold - Dr. 57,991
Assuming the company's adjusted balance for Merchandise inventory matches the year end physical count, how would the journal entry be listed?
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