Alphonse Company uses the periodic inventory system Employees have just taken a physical count of its inventory This ending inventory has been valued at $136,000 The companys accounting records show the Merchandise Inventory account with a debit balance of $132,000 Journalize the entries on Decembe...

To adjust the records for the situation where the ending inventory is valued at 136000 while the Mer ...

Alphonse Company uses the periodic inventory system. Employees have just taken a physical count of its inventory.

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Alphonse Company uses the periodic inventory system. Employees have just taken a physical count of its inventory. This ending inventory has been valued at $136,000. The company’s accounting records show the Merchandise Inventory account with a debit balance of $132,000.
Journalize the entries on December 31 to adjust the records for this situation.