Question: Why is it necessary to adjust the Merchandise Inventory account
Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?
Answer to relevant QuestionsA merchandising company shows $ 8,842 in the Supplies account on the preadjusted trial balance. After taking inventory of the actual supplies, the company still owns $ 3,638. a. How much was used or expired? b. Write the ...Journalize the required adjusting entries for the year ended December 31 for Butler Spa and Pool Accessories. Butler Spa and Pool Accessories uses the periodic inventory system. a– b. On December 31, a physical count of ...A portion of Anderson Publishing’s work sheet for the year ended December 31 follows:Required 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments ...The owner of a motorcycle shop allows his two sons to take motorcycles home to try them out on different types of surfaces because he believes that his sons need to be familiar with the products they sell. Sometimes the ...Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discounts .............. $ 8,500Merchandise Inventory, December 31 ....... 189,000Purchases ...
Post your question