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.
Now you will need to find two things. The ending inventory balance on the balance sheet of the current year, and the new purchases your company has made. For instance, the ending inventory value is $20,000, and the company makes additional purchases in the region of $5000. Add the ending inventory to the cost of goods sold. In this example, you will end up with $30,000 (20,000+10,000). Beginning inventory= Cost of Goods Sold + Ending Inventory â Additional purchases made during the year.