Prepare the closing entries that are needed to adjust the inventory records and close the related…

As of December 31, 2003, Deer Company had the following account balances:

Inventory (beginning)

$120,000

Purchases

220,000

Purchase returns

4,000

A physical count of inventory on December 31, 2003, showed $92,000 of ending inventory. Prepare the closing entries that are needed to adjust the inventory records and close the related purchases accounts, assuming that the periodic inventory method is used.

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