PSA $9-5$ Record Adjusting Entries for Merchandise Inventory

Record the necessary journal entry for the following independent circumstances. These companies use the perpetual inventory system.

On December $31,$ the Merchandise Inventory account has a balance of $$43,000.$ The physical inventory count indicates $$44,100$ of merchandise inventory in the warehouse.

On December $31,$ the Merchandise Inventory account has a balance of $$163,000.$ The physical inventory count indicates $$162,800$ of merchandise inventory in the warehouse.

Notes:

Enter the transaction date on the first line only $($if multiple transactions are required, enter the date on the first line of each transaction$).$

Enter all debits within the transaction prior to entering any credits.

is given for a correct account name with the correct amount.

Do not include journal entry explanation when submitting your answer.

It may not be necessary to use all visible rows to record each journal entry.

Record journal entries in the order in which the transactions are presented.

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