Presented below is information related to Hurly Co., owned by D. Flamont, for the month of January

Question:

Presented below is information related to Hurly Co., owned by D. Flamont, for the month of January 2021.

Instructions

a. Prepare the necessary adjusting entry for inventory.

b. Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January

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Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Feb 21, 2020 11:04 AM

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Presented below is information related to Hurly Co., owned by D. Flamont, for the month of January

Question:

Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight out $ 21,600 21,000 218,000 7,000 Insurance expense Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $ 12,000 20,000 55,000 10,000 13,000 380,000

Step by Step Answer:

a Jan 31 Cost of Goods Sold 1 600 Merchandise Inventory 600 1 21600 21000 To adjust ending i...View the full answer

Accounting Principles Volume 1

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