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Instructions Prepare the journal entry required to correct the errors in the above transactions. (7 marks) 3. Pathao company had the following balances at year
Instructions Prepare the journal entry required to correct the errors in the above transactions. (7 marks) 3. Pathao company had the following balances at year end: Cost of goods sold $50,000, merchandise inventory $5000, operating expenses 19,000, sales $98,000, sales discount $1200 & sales returns and allowances $1700. A physical count of inventory determines that merchandise inventory on hand is $12,200. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count. (b) Prepare closing entries (8 marks)
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