Marigold Company had the following account balances at year-end: Cost of Goods Sold $62,850, Inventory $16,850, Utilities Expense $33,020, Sales Revenue $118,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,850. They use the perpetual inventory system. Your answer is incorrect. Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Account Titles and Explanation (b) eTextbook and Media List of Accounts Save for Later EN Account Titles and Explanation (To close accounts with credit balances) Debit Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Credit Debit Attempts: 1 of 5 used Submit Answer Credit

Marigold Company had the following account balances at year-end. Cost of Goods Sold 562,850 , Inventory 516,850 , Utilities Expense $33,020, Sales Revenue $118,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,850. They use the perpetual inventory system. (a) 6. Your answer is incorrect: Prepare the adjusting entry necessary as a result of the physical count Qust oll debit entries before coedit entriex: Crodit occount tides are automatically indented when omount is entered. Do not indent manually. if no entry is required, select "No Entry" for the account tities and enter 0 for the amounts) (b) Prepare closing entries: (List all debit entries before cedit entries Credic occount titles are outomotically indented wheramount is entered. Do not indent manually. if no entry is requined, select 'No Entry' for the account bitles ond enter Ofor the ansounts. Marigold Company had the following account balances at year-end. Cost of Goods Sold 562,850 , Inventory 516,850 , Utilities Expense $33,020, Sales Revenue $118,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,850. They use the perpetual inventory system. (a) 6. Your answer is incorrect: Prepare the adjusting entry necessary as a result of the physical count Qust oll debit entries before coedit entriex: Crodit occount tides are automatically indented when omount is entered. Do not indent manually. if no entry is required, select "No Entry" for the account tities and enter 0 for the amounts) (b) Prepare closing entries: (List all debit entries before cedit entries Credic occount titles are outomotically indented wheramount is entered. Do not indent manually. if no entry is requined, select 'No Entry' for the account bitles ond enter Ofor the ansounts