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

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

Transcribed Image Text:

Ending inventory per $ 12,000 20,000 59,000 8,000 nces 13,000 378,000 Insurance cxpcnsc perpetual records Ending inventory actually 21,00 Rent expense on hand Cost of goods sold Freight-out Salaries and wages expense Sales discounts Sales returns and allowa 21,000 208,000 7,000 Sales revenue