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Presented below is information related to Hoerl Co. for the month of January 2017. Ending inventory per Insurance expense $ 12,640 perpetual records $ 22,020
Presented below is information related to Hoerl Co. for the month of January 2017.
Ending inventory per | Insurance expense | $ 12,640 | ||||
perpetual records | $ 22,020 | Rent expense | 24,340 | |||
Ending inventory actually | Salaries and wages expense | 56,340 | ||||
on hand | 21,520 | Sales discounts | 11,090 | |||
Cost of goods sold | 219,930 | Sales returns and allowances | 14,910 | |||
Freight-out | 7,470 | Sales revenue | 409,960 |
a)Prepare the necessary adjusting entry for inventory.
b)Prepare the necessary closing entries.
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