Question: I Question #2 - Perform the steps in the accounting cycle for a merchandising company - (6 marks). - Fahar Company has an inventory balance

I Question #2 - Perform the steps in the accounting cycle for a merchandising company - (6 marks). - Fahar Company has an inventory balance of $ 903,950 on December 31, 2021. During 2022 Fabac purchased merchandise for $ 97,500 During 2022 Fabar sold merchandise that had a cost of $ 714,220. Required: a) Prepare the adjusting entry assuming the inventory count on December 31, 2021 revealed a balance of $ 914,450. b) Prepare the adjusting entry assuming the inventory count on December 31, 2022 revealed a balance of $ 292,370

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