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View Full Version : How do I make an adjusting entry to Merchandise Inventory, in order to prepare the Fi


Scooter8
May 1, 2011, 08:11 PM
At the end of March, adjustment data was entered:

Merchandise Inventory March 31 196,139

The Inventory On March 1st was recorded @ 200700

pready
May 1, 2011, 09:29 PM
Debit Cost of Goods Sold for the difference between the two amounts
Credit Merchandise Inventory for the amount

Scooter8
May 2, 2011, 10:55 AM
So this would be the Method for the Perpetual system of accounting?