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The beginning inventory of SoCal Wholesalers was $121,000, and the ending inventory is $116,500. What entries are needed at the end of the fiscal period to adjust Merchandise Inventory?

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Answer and Explanation:

The journal entries that are required to adjust merchandise inventory is given below:

Income Summary  $121,000

        To Inventory $121,000

 (Being eliminate Beginning inventory balance is recorded)

Inventory $116,500

      To Income Summary $116,500

(Being the cost of ending inventory is recorded)  

These two entries should be recorded for adjusting merchandise inventory

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