1 In the periodic inventory system the account balance for Merchandise Inventory is not updated until the end of the accounting period when a physical inventory count is completed Using the information provided complete the two journal entries needed to adjust the Inventory account for the periodic system Based on E14 1A, page 547 for Henry's Sporting Goods The beginning balance in Merchandise Inventory on January 1 was $45,000 The ending balance Merchandise Inventory counted on December 31 is $57,000 DATE ACCOUNTS DESCRIPTIONS POST REF dr cr Dec 31 To close the beginning balance of Merchandise Inventory DATE ACCOUNTS DESCRIPTIONS POST REF dr cr Dec 31 To record the ending balance of Merchandise Inventory

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1  In the periodic inventory system the account balance for Merchandise Inventory is not updated until the end of the accounting period when a physical inventory count is completed  Using the information provided complete the two journal entries needed to adjust the Inventory account for the periodic system  Based on E14 1A, page 547 for Henry's Sporting Goods The beginning balance in Merchandise Inventory on January 1 was $45,000  The ending balance Merchandise Inventory counted on December 31 is $57,000  DATE ACCOUNTS   DESCRIPTIONS POST REF dr cr Dec  31 To close the beginning balance of Merchandise Inventory DATE ACCOUNTS   DESCRIPTIONS POST REF dr cr Dec  31 To record the ending balance of Merchandise Inventory

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1. In the periodic inventory system the account balance for Merchandise Inventory is not updated until the end of the accounting period when a physical

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1. In the periodic inventory system the account balance for Merchandise Inventory is not updated until
the end of the accounting period when a physical inventory count is completed. Using the information
provided complete the two journal entries needed to adjust the Inventory account for the periodic system.

Based on E14-1A, page 547 for Henry's Sporting Goods

The beginning balance in Merchandise Inventory on January 1 was $45,000.
The ending balance Merchandise Inventory counted on December 31 is $57,000.


	DATE	ACCOUNTS & DESCRIPTIONS	POST REF	dr	cr
	Dec. 31

		To close the beginning balance of Merchandise Inventory

	DATE	ACCOUNTS & DESCRIPTIONS	POST REF	dr	cr
	Dec. 31

		To record the ending balance of Merchandise Inventory