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Perpetual Inventory Adjusting & Closing Entries - Using a perpetual inventory system, prepare the adjusting and closing journal entries using the information provided. 14. The

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Perpetual Inventory Adjusting \& Closing Entries - Using a perpetual inventory system, prepare the adjusting and closing journal entries using the information provided. 14. The following is a random list of the accounts and their balances for Gordon Auto Sales (a proprietorship owned by A. Gordon) on December 31, 20-1. The company uses a perpetual inventory system. Note: A physical count of irventory on December 31,201 reveals $645,500 on hand

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