Basga Company uses the periodic inventory system. Beginning inventory amounted to $241,072. A physical count reveals that the latest inventory amount is $256,339. Record the adjusting entries, using T accounts. Merchandise Inventory Bal. (b) Adj. Feedback 241,072 256,339 (a) Adj. 15,267 X (a) Adj. Income Summary (b) Adj. 15,267 X 256,339 Check My Work Each T account is a separate account. The adjustment for inventory is done at the end of a period. A periodic system requires an adjustment to clear out the old balance and a second adjustment to put the new inventory amount in. A special account is used called Income Summary. It is used at the end of the fiscal period only. ?

Basga Company uses the periodic inventory system, Beginning ifventory amounted to $241,072. A physical count reveals that the latest inventory amount is 5256,339 . Ruecord the adjusting entries, using T accounts. " ores by wis Each T account is a separate accownt. The adjustment for ievebtory is done at the end of a period. A periodic system requires an adjustment to clear out the oid baiance and a second adjustment to put the new inventory amount in. A special account is used called income Summary. If is used at the end of the fiscal period only: Basga Company uses the periodic inventory system, Beginning itventory amounted to $241,072. A physical count reveals that the latest inventory amount is 5256,339. Record the adjusting entries, using T accounts. "cheaver wos Each T account is a separate account. The adjustment for ievecory is done at the end of a period A periodic system requires an adjustment to clear out the oid batance and a second adjustment to put the new inventory amount in. A special bccount is used called income-Summary. If is used at the end of the fiscal period conly