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Basga Company uses the periodic inventory system. Beginning inventory amounted to $241,072. A physical count reveals that the latest inventory amount is $256,339. Record the adjusting entries, using T accounts. Merchandise Inventory Income Summary (a) Bal. 241,072 Adj. (b) Adj. X X (a) Adj. (b) Adj. 256,339

Basga Company uses the periodic inventory system. Beginning inventory amounted to $241,072. A physical count reveals that the latest inventory amount is $256,339. Record the adjusting entries, using T accounts. Merchandise Inventory Income Summary (a) Bal. 241,072 Adj. (b) Adj. X X (a) Adj. (b) Adj. 256,339

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Basga Company uses the periodic inventory system. Beginning inventory amounted to $241,072. A physical count reveals that the latest inventory amount is $256,339. Record the adjusting entries, using T accounts. Merchandise Inventory Income Summary (a) Bal. 241,072 Adj. (b) Adj. X X (a) Adj. (b) Adj. 256,339
Transcribed Image Text:Basga Company uses the periodic inventory system. Beginning inventory amounted to $241,072. A physical count reveals that the latest inventory amount is $256,339. Record the adjusting entries, using T accounts. Merchandise Inventory Income Summary (a) Bal. 241,072 Adj. (b) Adj. X X (a) Adj. (b) Adj. 256,339
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