Given the​ following, journalize the adjusting entry for Merchandise Inventory. Note that physical count of inventory showed a balance of $59,500.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Given the​ following, journalize the adjusting entry for Merchandise Inventory. Note that physical count of inventory showed a balance of $59,500.

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Given the following, journalize the adjusting entry for Merchandise Inventory. Note that physical count of inventory showed a balance of $59,500.
(Click the icon to view the T accounts.)
(Assume a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.)
Journal Entry
Accounts
PR
Dr.
Cr.
O Data Table
Merchandise Inventory 114
Cost of Goods Sold 513
60,000
Print
Done
Transcribed Image Text:This Question: 3 pts 1 of 3 (0 complete) Given the following, journalize the adjusting entry for Merchandise Inventory. Note that physical count of inventory showed a balance of $59,500. (Click the icon to view the T accounts.) (Assume a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts PR Dr. Cr. O Data Table Merchandise Inventory 114 Cost of Goods Sold 513 60,000 Print Done
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