As of December 31, 2009, Whitney Company had the following account balances: Inventory (beginning)..

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As of December 31, 2009, Whitney Company had the following account balances: Inventory (beginning) …………………………………………………. $140,000 Purchases ……………………………………………………………… 230,000 Purchase returns ………………………………………………………. 6,000 A physical count of inventory on December 31, 2009, showed $104,000 of ending inventory. Prepare the closing entries that are needed to adjust the inventory records and close the related purchases accounts, assuming that the periodic inventory method is used. View Solution:
As of December 31 2009 Whitney Company had the following