The journal entry to adjust Merchandise Inventory when beginning merchandise inventory is $125,000.00 and ending merchandise inventory is $115,000.00 would be
A) debit Merchandise Inventory, $10,000. 00 and credit Income Summary, $10,000. 00.
B) debit Income Summary, $10,000. 00 and credit Merchandise Inventory, $10,000. 00.
C) debit Merchandise Inventory, $115,000. 00 and credit Income Summary, $115,000. 00.
D) debit Income Summary, $115,000. 00 and credit Merchandise Inventory, $115,000. 00.
Correct Answer:
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