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Tim Jones Company had the following account balances at year end before adjustment: Cost of Goods Sold $64,000, Merchandise Inventory $15,400, Utilities Expense $28,000, Sales
Tim Jones Company had the following account balances at year end before adjustment: Cost of Goods Sold $64,000, Merchandise Inventory $15,400, Utilities Expense $28,000, Sales Revenue $118,000, Sales Discounts $1,300, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,500. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Account Titles Cost of Goods Sold Merchandise Inventory Account Titles Sales Income Summary Prepare closing entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) (To clo
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