Adjustments For Inventory
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The income statement section of the work sheet of Smith Company for the year ended December 31, 2007, has $166,000 recorded in the debit column and $190,000 in the credit column on the line for the Income Summary account. What were the beginning balance and ending balance for Merchandise Inventory?
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Solution Summary
The solution explains how to calculate the beginning and ending balance in inventory account given the adjustments in the income statement column of a worksheet
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The debit amount is the beginning inventory and the credit amount is the ending inventory for the income ...
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