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The ending merchandise inventory as of June 30, 20XX is $4,994. Seaside uses a periodic inventory system and uses the closing entry format for handling
The ending merchandise inventory as of June 30, 20XX is $4,994. Seaside uses a periodic inventory system and uses the closing entry format for handling cost of goods sold; therefore, it does not have a Cost of Goods Sold account.
What is the Entry for this?
Im pretty sure you debit Merchandise Inventory for $4,994
Not sure if im correct though and i am unsure of what to credit here.
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