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Set up t accounts for merchandise inventory and income

Question - Sam Baker owns a business called Sam's Sporting Goods. His beginning inventory as of January 1, 20--, was $47,000, and his ending inventory as of December 31, 20--, was $53,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustments for Merchandise Inventory.

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Accounting Basics: Set up t accounts for merchandise inventory and income

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