ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Sam Baker owns a business called Sam’s Sporting Goods. His beginning inventory as of January 1, 20--, was $47,000, and...

ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Sam Baker owns a business called Sam’s Sporting Goods. His beginning inventory as of January 1, 20--, was $47,000, and his ending inventory as of December 31, 20--, was $53,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.