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hello. I am looking for someone to help my with the following attachment thank you Presented below is information related to Pharoah Company, owned by
hello. I am looking for someone to help my with the following attachment thank you
Presented below is information related to Pharoah Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $22,700 Insurance expense $12,400 Ending inventory actually on hand 17,100 Rent expense 18,800 Cost of goods sold 210,000 Salaries expense 54,400 Freight out 5,700 Sales discounts 10.600 Sales returns and allowances 12,700 Sales 368,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 (To adjust ending inventory to actual at year end.) Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 (To close income statement account with credit balance.) Jan. 31 (To close income statement accounts with debit balances.) Jan. 31 (To close Income Summary account.)
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