Aaron Company Uses the Perpetual Inventory System Instructions:
Prepare the Journal Entry to Adjust Merchandise Inventory at Is

Essay

Aaron Company uses the perpetual inventory system. The following information is presented as on December 31, the end of its fiscal year:
​
$\begin{array}{lr}\text { Beginning inventory, January 1 } & \$ 137,532 \\\text { Merchandise purchased during the year } & 58,850 \\\text { Merchandise sold during the year } & 102,522 \\\text { Physical count of ending inventory, December 31 } & 92,515\end{array}$ Instructions:
Prepare the journal entry to adjust Merchandise Inventory at year end.