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View Full Version : How to make adjusting entries to update merchandise inventory account


jake armildez
Aug 13, 2013, 10:13 PM
Listed below is a partial trial balance of the Charito Guillermo retailers at Dec 31, 2013:

Merchandise inventory 80,000
Sales 190,000
Sales return and allowances 20,000
Purchases 60,000
Purchases Discount 3,000
Transportation in 1,000

1. what is the adjusting entry for merchandise inventory
2. prepare partial income statement