Presented below is information related to Garland Co. for the month of January 2014. Instructions (a) Prepare

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Presented below is information related to Garland Co. for the month of January 2014.

Instructions
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closingentries.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Jan 30, 2014 01:32 AM

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Presented below is information related to Garland Co. for the month of January 2014. Instructions (a) Prepare

Question:

Ending inventory per 12,000 20,000 55,000 10,000 13,000 380,000 Insurance expense perpetual records Ending inventory actually 21,600 Rent expense Salaries and wages expense on hand Cost of goods sold Freight-out 21,000 Sales discounts 218,000 Sales returns and allowances 7,000 Sales revenue

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a Cost of Goods Sold 600 Inventory 600 b Sales Revenue 380000 Income Summary ...View the full answer

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