The Income Statement as well as Balance Sheet columns are shown below from a completed merchandisers worksheet.

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The Income Statement as well as Balance Sheet columns are shown below from a completed merchandiser’s worksheet. The ending inventory is $12,000 and has been correctly placed in the appropriate columns. Prepare the necessary entries to adjust the inventory account.

Account Title Income Statement Balance Sheet Inventory 10,000 12,000 12,000

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Small Business Accounting

ISBN: 9780470198636

1st Edition

Authors: Lita Epstein, Susan Myers

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