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Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,600 Ending inventory actually on hand 21,000
Presented is information related to Rogers Co. for the month of January 2010.
Ending inventory per perpetual records | $21,600 | |
Ending inventory actually on hand | 21,000 | |
Cost of goods sold | 218,000 | |
Freight out | 7,000 | |
Insurance expense | 12,000 | |
Rent expense | 20,000 | |
Salary expense | 61,000 | |
Sales discounts | 10,000 | |
Sales returns and allowances | 13,000 | |
Sales | 350,000 |
Instructions
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closing entries.
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