How solve this adjusting entry and closing entries problem in accounting?

Sigchi4life
Category:
Accounting
Price: $5 USD

Question description

Juan Morales 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 $13,900.


a)  Prepare the adjusting entry necessary as a result of the physical count.

b)  Prepare closing entries.


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