Tim Jarosz Company had the following account balances at year-end before adjustment: Cost of Goods Sold $60,000,
Question:
Tim Jarosz Company had the following account balances at year-end before adjustment: Cost of Goods Sold $60,000, Inventory $15,000, Utilities Expense $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,600.
Instructions.
a. Prepare the adjusting entry necessary as a result of the physical count.
b. Prepare closing entries.
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a The adjusting entry necessary as a result of the physical count is as follows i Inventory can be d...View the full answer
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Related Book For 
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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