Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000: inventory $17,300: operating expenses $33.000: sales revenue $121,000: sales discounts $1.400; and sales returns and allowances $1.950. A physical count of inventory determines that merchandise inventory on hand is $16.250. (a) Your answer is incorrect Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem)

Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000: inventory $17,300: operating expenses $33.000: sales revenue $121,000: sales discounts $1.400; and sales returns and allowances $1.950. A physical count of inventory determines that merchandise inventory on hand is $16.250. (a) Your answer is incorrect Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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