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Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Matt Henry owns a business called Henrys Sporting Goods. His beginning inventory as of January
Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System
Matt Henry owns a business called Henrys Sporting Goods. His beginning inventory as of January 1, 20--, was $45,400, and his ending inventory as of December 31, 20--, was $56,200. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.
| Merchandise Inventory | |||
|---|---|---|---|
| (Beginning Inventory) | 45,400 | ||
| Income Summary | |||
|---|---|---|---|
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