Emerson St. Paul Book Shops accounts at June 30, 2012, included the following unadjusted balances: The physical
Question:
The physical count of inventory on hand on June 30, 2012, was $5,000.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the closing entries for June 2012.
3. Compute the grossprofit.
Transcribed Image Text:
Inventory Cost of goods sold Sales revenue Sales discounts Sales returns and allowances $ 5,400 40,300 85,300 1,400 2,000
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
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