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Prepare the adjusting entry needed for merchandise inventory

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Reference no: EM132817995

Listed below is a partial trial balance of the Charito Guillermo Retailers at Dec. 31, 2020'.

Merchandise Inventory P80,000

Sales P190,000

Sales Returns and Allowances 20,000

Purchases 60,000

Purchases Discounts 3,000

Transportation-ln 1,000

The merchandise inventory on Dec. 31 is P74,000

Required:

Problem 1. Prepare the adjusting entry needed for merchandise inventory.

Problem 2. Prepare the partial income statement

Reference no: EM132817995

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