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.
Introduction to physical inventory. Physical inventory is a regular procedure during the operating period which represents a physical count of the entire inventory of a company. A full physical count is usually performed once a year, closer to the end of the year. A physical inventory is needed to provide accurate accounting data and identify any differences between what is currently in the warehouse(s) and what is reflected in the accounting system.