Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000,

Question:

Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200 and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,600.

Instructions
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.

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a Cost of Goods Sold 1400 Inventory 1400 b Sales Revenue 1150...View the full answer

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Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Mar 02, 2015 09:31 AM

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Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000,

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a Cost of Goods Sold 1400 Inventory 1400 b Sales Revenue 1150...View the full answer

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