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Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December 31, 20X1 has the following profit and loss related items balance.
Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December 31, 20X1 has the following profit and loss related items balance. After the inventory, it is known that the inventory of goods at the end of the period is $40,000. Please prepare the closing entry on December 31. Incoming (debit) Incoming and outgoing with discount $120,000 Interest expense $5,000 20,000 Income tax expense 8,000 Let (credit) commodity inventory (period 30,000 sales revenue 250,000 early) Management costs 40,000
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