The trial balance of Gilligan Golf Carts shows Merchandise Inventory of $80,000. Based on a count taken on December 31, merchandise inventory at the end of the year actually totaled $92,000. The company uses a periodic inventory system. The adjusting entry to record the new merchandise inventory balance would be: Question 74 options: a debit to Merchandise Inventory of $12,000 and a credit to Purchases for $12,000. a debit to Merchandise Inventory of $92,000 and a credit to Income Summary for $92,000. a debit to Purchases of $92,000 and a credit to Income Summary for $92,000. a debit to Merchandise Inventory of 80,000 and a credit to Income Summary for $80,000