Pina Company had the following account balances at year-end: Cost of Goods Sold $60,410, Inventory $15,010,...
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Pina Company had the following account balances at year-end: Cost of Goods Sold $60,410, Inventory $15,010, Utilities Expense $29,380, Sales Revenue $126,580, Sales Discounts $1,340, and Sales Returns and Allowances $2,090. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation (b) eTextbook and Media List of Accounts Save for Later Debit Account Titles and Explanation Credit Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Attempts: 0 of 5 used Submit Answer Credit Pina Company had the following account balances at year-end: Cost of Goods Sold $60,410, Inventory $15,010, Utilities Expense $29,380, Sales Revenue $126,580, Sales Discounts $1,340, and Sales Returns and Allowances $2,090. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation (b) eTextbook and Media List of Accounts Save for Later Debit Account Titles and Explanation Credit Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Attempts: 0 of 5 used Submit Answer Credit
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Answer rating: 100% (QA)
a The adjusting entry would be as follows Current balance in the Inventory account Merchandise inv... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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