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can someone help me Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System Ibby Smith owns and operates Ibby's Ice Cream Cones. Her beginning
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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 $48,200, and her ending inventory as of December 31, 20- -, was $62,200. 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) 48,200 Income Summary Adjustment for Unearned Revenues Using T accounts Set up T accounts for Cash, Unearned Ticket Revenue, and Ticket Revenue. Post the following two transactions to the appropriate accounts, indicating each transaction by letter: a. Sold 1,000 season tickets at $300 each, receiving cash of $300,000. b. An end-of-period adjustment is needed to recognize that $87,000 in ticket revenue has been earned. Cash Ticket Revenue Unearned Ticket Revenue Step by Step Solution
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