Sandra Owens owns a business called Sandras Sporting Goods. Her beginning inventory as of January 1, 20--,

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Sandra Owens owns a business called Sandra’s Sporting Goods. Her beginning inventory as of January 1, 20--, was $33,000, and her ending inventory as of December 31, 20--, was $36,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.


Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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