Kennedy Company had the following account balances at year-end: cost of goods sold $85,000; inventory $15000; operating

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Kennedy Company had the following account balances at year-end: cost of goods sold $85,000; inventory $15000; operating expenses $39,000; sales revenue $144,000 sales discounts $1600; and sales returns and allowances $2300. A physical count of inventory determines that inventory on hand is $ 144000.
Prepare the adjusting entry necessary as a result of the physical count.
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Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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