Flounder Company had the following account balances at year-end: Cost of Goods Sold $64,510; Inventory $$14,660; Operating
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Question:
Flounder Company had the following account balances at year-end:
Cost of Goods Sold $64,510;
Inventory $$14,660;
Operating Expenses $29,240;
Sales Revenue $126,730;
Sales Discounts $1,140; and Sales Returns and Allowances $1,830.
A physical count of inventory determines that merchandise inventory on hand is $12, 760.
Prepare closing entries.
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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