Hezir Company A.S. had the following account balances at year-end: Cost of Goods Sold 60,000, Inventory 15,000,
Question:
Hezir Company A.S¸. had the following account balances at year-end: Cost of Goods Sold 60,000, Inventory 15,000, Operating Expenses 29,000, Sales Revenue 117,000, Sales Discounts 1,300, and Sales Returns and Allowances 1,700. A physical count of inventory determines that merchandise inventory on hand is 14,200.
Instructions
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.
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a Cost of Goods Sold 800 Inventory 800 b Sales Revenue 117000 Income Summary 1170...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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