Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Ibby Smith owns and operates Ibby's Ice Cream Cones. Her beginning inventory as of January 1, 20-, was $43,900, and her ending inventory as of December 31, 20--, was $57,900. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory. Use the labels shown. (a) Remove the beginning balance in Merchandise Inventory. (b) Add the new balance in Merchandise Inventory. Merchandise Inventory (Beginning Inventory) 43,900 Income Summary Previous Next) Check My Work 2 more Check My Work uses remaining, Emainstructor Suomet Test for Grading All work saved 21