Emerson St. Paul Book Shops accounts at June 30, 2012, included the following unadjusted balances: The physical

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Emerson St. Paul Book Shop€™s accounts at June 30, 2012, included the following unadjusted balances:

Inventory Cost of goods sold Sales revenue Sales discounts Sales returns and allowances $ 5,400 40,300 85,300 1,400 2,00

The physical count of inventory on hand on June 30, 2012, was $5,000.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the closing entries for June 2012.
3. Compute the grossprofit.

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Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Posted: Dec 16, 2011 07:24 AM

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Emerson St. Paul Book Shops accounts at June 30, 2012, included the following unadjusted balances: The physical

Question:

Inventory Cost of goods sold Sales revenue Sales discounts Sales returns and allowances $ 5,400 40,300 85,300 1,400 2,000

Step by Step Answer:

Reqs 1 and 2 Journal DATE ACCOUNTS AND EXPLANATIONS P...View the full answer

Financial and Managerial Accounting

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