Alphonse Company uses the periodic inventory system. Employees have just taken a physical count of...
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Accounting
- Alphonse Company uses the periodic inventory system. Employees have just taken a physical count of its inventory. This ending inventory has been valued at $136,000. The company’s accounting records show the Merchandise Inventory account with a debit balance of $132,000.
- Journalize the entries on December 31 to adjust the records for this situation.
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