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Make adjusting entry to update Merchandise Inventory

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Reference no: EM132615464

Question - Diaz Company uses the perpetual inventory system to account for inventory.

On July 31, Merchandise Inventory had a balance of $53,000. Based on a physical count taken by the auditors on the same date, Merchandise Inventory should have had a balance of $52,270.

Required - Make the necessary adjusting entry to update Merchandise Inventory.

Reference no: EM132615464

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