Question: Prepare adjusting and closing entries. E5.7 (LO 4) Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000,

Prepare adjusting and closing entries. E5.7 (LO 4) Tim Jarosz Company

Prepare adjusting and closing entries. E5.7 (LO 4) Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts Exercises 5-43 $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that mer- chandise 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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