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A company uses a periodic method of recording inventory. A physical count reveals $350,000 of inventory on hand at December 31, 2020. The inventory journal entry has not been recorded.
After the count, a few items were discovered which have not been accounted for as follows:
The company's unadjusted trial balance as at December 31, 2020 showed a balance of $330,900 in the Merchandise Inventory account and a balance of $950,800 in the Purchases of Merchandise account.
Problem 1: What is the journal entry to adjust the company's inventory account and any other adjusting journal entries as at December 31, 2020.
Problem 2: What is the calculation of the adjusted inventory account.
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