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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.
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