Jahn Company had the following information at December 31, 2022: Inventory (as of January 1, 2022)...

 

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Jahn Company had the following information at December 31, 2022: Inventory (as of January 1, 2022) Purchases Purchase returns and allowances Freight-out $240,000 Required: Prepare necessary adjusting entries at year-end for: (12%) a. Assuming the periodic inventory system is used. b. Assuming the perpetual inventory system is used. 440,000- 5,000 350 For the year 2022, Jahn Company's electronic sales registers showed a total cost of goods sold of $480,000. Assuming that a physical count of inventory on December 31, 2022, revealed inventory on hand costing $185,000. ✓ Jahn Company had the following information at December 31, 2022: Inventory (as of January 1, 2022) Purchases Purchase returns and allowances Freight-out $240,000 Required: Prepare necessary adjusting entries at year-end for: (12%) a. Assuming the periodic inventory system is used. b. Assuming the perpetual inventory system is used. 440,000- 5,000 350 For the year 2022, Jahn Company's electronic sales registers showed a total cost of goods sold of $480,000. Assuming that a physical count of inventory on December 31, 2022, revealed inventory on hand costing $185,000. ✓

Answer rating: 100% (QA)

Adjusting Entries for Jahn Company a Periodic Inventory System 1 Inventory Adjustment Debit Inventor... View the full answer