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

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Presented below is information related to Hurly Co., owned by D. Flamont, for the month of January 2024.

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: 9781119786818

9th Canadian Edition

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

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Question Posted: Jul 01, 2023 05:35 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 Delivery expense Insurance expense $ 21,600 21,000 218,000 7,000 12,000 Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $ 20,000 55,000 10,000 13,000 380,000

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a b Jan 31 Cost of Goods ...View the full answer

Accounting Principles Volume 1

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