FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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### Accounting Inventory Adjustment Example Basga Company uses the periodic inventory system. The initial inventory was valued at $135,961. A subsequent physical count indicates that the current inventory is $144,639. Record the adjusting entries using T accounts. #### T Account Layout - **Merchandise Inventory** - Bal. - (b) Adj. - **Income Summary** - (a) Adj. - (b) Adj. --- On December 31, Marchant Company performed a physical inventory count. This company uses the perpetual inventory system. The physical count resulted in an inventory amount of $174,755. The current Merchandise Inventory account balance is $177,376. Journalize the adjusting entry as follows: #### General Journal | DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |----------|-----------------|------------|-------|--------| | 20-- | Adjusting Entries | | | | | Dec. 31 | | | | | ### Explanation of Tables and Diagrams - **T Accounts**: These are simple visual representations of accounts that show debits and credits. The Merchandise Inventory and Income Summary T accounts will reflect the entries needed to adjust the inventory records. - **General Journal**: This table is used to formally record the adjusting entries on December 31. The date, description, and the amounts to be debited and credited need to be filled in based on the inventory adjustments.
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Transcribed Image Text:### Accounting Inventory Adjustment Example Basga Company uses the periodic inventory system. The initial inventory was valued at $135,961. A subsequent physical count indicates that the current inventory is $144,639. Record the adjusting entries using T accounts. #### T Account Layout - **Merchandise Inventory** - Bal. - (b) Adj. - **Income Summary** - (a) Adj. - (b) Adj. --- On December 31, Marchant Company performed a physical inventory count. This company uses the perpetual inventory system. The physical count resulted in an inventory amount of $174,755. The current Merchandise Inventory account balance is $177,376. Journalize the adjusting entry as follows: #### General Journal | DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |----------|-----------------|------------|-------|--------| | 20-- | Adjusting Entries | | | | | Dec. 31 | | | | | ### Explanation of Tables and Diagrams - **T Accounts**: These are simple visual representations of accounts that show debits and credits. The Merchandise Inventory and Income Summary T accounts will reflect the entries needed to adjust the inventory records. - **General Journal**: This table is used to formally record the adjusting entries on December 31. The date, description, and the amounts to be debited and credited need to be filled in based on the inventory adjustments.
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