PARRISH 7-5 END OF PERIOD ADJUSTMENTS Please complete the following, accurately. Thank you. Local Hardware uses periodic inventory method. At the end of the accounting period, the company takes a physical inventory and finds that $20,671 of goods are on hand. Purchases during the period were $76,216 and inventory at the beginning of the period was $25,632. Freight on merchandise coming into the business was $2,799, and returns of merchandise to suppliers amounted to $1776. Please record the journal entry to be made by Local Hardware at the end of the accounting period to close the old inventory and record the new one.
PARRISH 7-5 END OF PERIOD ADJUSTMENTS Please complete the following, accurately. Thank you. Local Hardware uses periodic inventory method. At the end of the accounting period, the company takes a physical inventory and finds that $20,671 of goods are on hand. Purchases during the period were $76,216 and inventory at the beginning of the period was $25,632. Freight on merchandise coming into the business was $2,799, and returns of merchandise to suppliers amounted to $1776. Please record the journal entry to be made by Local Hardware at the end of the accounting period to close the old inventory and record the new one.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PARRISH 7-5 END OF PERIOD ADJUSTMENTS
Please complete the following, accurately. Thank you.
Local Hardware uses periodic inventory method. At the end of the accounting period, the company takes a physical inventory and finds that $20,671 of goods are on hand. Purchases during the period were $76,216 and inventory at the beginning of the period was $25,632. Freight on merchandise coming into the business was $2,799, and returns of merchandise to suppliers amounted to $1776. Please record the
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