Year-End Entries to Update Inventory Under Periodic System
the Accountant

question 60

Essay

Year-end entries to update inventory under periodic system
The accountant for the Oswego chain of retail stores is getting ready to prepare the 2020 year-end inventory entries for its periodic inventory system. Her assistant has provided the following information:



\begin{array}{llcc} \text { Beginning inventory } &\$88,000 \\ \text { Imentory purchase during year } &900,000\\ \text { Ending inventory} &62,000\\end{array}
Instructions
Record the journal entry(ies) that Oswego's accountant would prepare to bring the inventory and cost of goods sold up to date for 2020.

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Definitions:

Premise

An assertion or proposition which forms the basis for a work's conclusion; in logic, it is the antecedent of an argument.

Simp

A slang term often used to describe someone who performs excessive subservience or attention to another person, typically someone they're interested in, often disregarding their own needs or dignity.

MP

Short for Modus Ponens, a form of argument in logic where if the first statement is true, then the second statement must also be true (If P, then Q. P, therefore Q).

Simp

An internet slang term derogatorily used to describe someone who is perceived as overly submissive or attentive to someone else, often without receiving any attention or affection in return.