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
Transcribed Image Text:
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
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a Jan 31 Cost of Goods Sold 1 600 Merchandise Inventory 600 1 21600 21000 To adjust ending i...View the full answer
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Related Book For
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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