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Planning and Recording Merchandise Inventory Adjustments

In this lesson, we explore the critical process of planning and recording adjustments to merchandise inventory. You will learn how to analyze and document discrepancies between the beginning and ending inventory balances. Key activities include writing the debit and credit amounts for adjustments and clearly labeling them. Through real examples, such as the adjustment of $4,200 in merchandise inventory, you'll gain insights into accurately maintaining inventory records and understanding their impact on financial statements.

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Planning and Recording Merchandise Inventory Adjustments

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  1. LESSON 14-3 Planning and Recording a Merchandise Inventory Adjustment

  2. MERCHANDISE INVENTORY page 415 LESSON 14-3

  3. 3 3 ANALYZING AND RECORDING A MERCHANDISE INVENTORY ADJUSTMENT page 416 2 1 1. Write the debit amount. 2. Write the credit amount. 3. Label the two parts of this adjustment with a small letter d in parentheses. LESSON 14-3

  4. Merchandise Inventory Jan. 1 Bal. 294,700.00 Adj. (d) 4,200.00 (New Bal. 298,900.00) Income Summary Adj. (d) 4,200.00 ANALYZING AN ADJUSTMENT WHEN ENDING MERCHANDISE INVENTORY IS GREATER THAN BEGINNING MERCHANDISE INVENTORY page 417 LESSON 14-3

  5. TERM REVIEW page 418 • merchandise inventory LESSON 14-3

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