Presented below is information related to Oriole Company, owned by D. Flamont, for the month of January
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Presented below is information related to Oriole Company, owned by D. Flamont, for the month of January 2021.
Ending inventory per perpetual records$22,900
Insurance expense$10,900
Ending inventory actually on hand19,500
Rent expense18,800
Cost of goods sold212,000
Salaries expense55,000
Freight out6,200
Sales discounts9,400
Sales returns and allowances11,900
Sales378,000
Required: Prepare the necessary adjusting entry for inventory.
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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