Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. The company uses the periodic inventory system. The beginning inventory for a merchandising business was $73,000, and the ending inventory is $66,000.
What will be an ideal response?
First entry: Debit Income Summary, $73,000; credit Merchandise Inventory, $73,000
Second entry: Debit Merchandise Inventory, $66,000; credit Income Summary, $66,000
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