juan morales company had the following account balances at year-end:

Project Description:

juan morales company had the following account balances at year-end: cost of goods sold $60,000, inventory $15,000, operating expenses $29,000, sales revenue $115,000, sales discounts $1,200, and sales returns and allowances $1,700. a physical count of inventory determines that merchandise inventory on hand is $13,900.instructions(a) prepare the adjusting entry necessary as a result of the physical count.(b) prepare closing entries.
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