19 Dwight Howard, 2004-present. Everything was going so well for Howard in his first seven NBA seasons. He was popular, a well-liked endorser and dunk contest champion. He was the three-time Defensive Player of the Year, a three-time rebounding champion and the runner-up for 2010-11 MVP.
Prepare an adjustment for merchandise inventory under the periodic inventory system. The adjustment for merchandise inventory under the periodic inventory system re-. quires two adjusting entries. In the first adjusting entry (to remove the beginning in-. ventory), debit Income Summary and credit Merchandise Inventory. In the second. adjusting entry (to enter the ending inventory), debit Merchandise Inventory and. credit Income Summary. 3. Prepare an adjustment of unearned revenue. For revenue received in advance, an adjustment is required to separate the portion. that has been earned from the portion that is unearned.
You must value your inventory at the end of the year. The retail method of valuing inventory is to multiply your average markup percentage by the amount of inventory you have on hand. Note that this method only works if you have a consistent markup percentage. Value your year-end inventory at retail value.