Question
Exercise 5-07 a-b (Part Level Submission) Pronghorn Company had the following account balances at year-end: Cost of Goods Sold $64,120; Inventory $14,320; Operating Expenses $30,950;
Exercise 5-07 a-b (Part Level Submission)
Pronghorn Company had the following account balances at year-end: Cost of Goods Sold $64,120; Inventory $14,320; Operating Expenses $30,950; Sales Revenue $124,720; Sales Discounts $1,250; and Sales Returns and Allowances $2,110. A physical count of inventory determines that merchandise inventory on hand is $12,470.
Can you help me make the adjusting entry necessary as a result of the physical count with the information above.
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Managerial Accounting
Authors: Karen Braun, Linda S Bamber
2nd Edition
136091164, 978-0136091165
