E5.7 (LO 4), AP Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Utilities Expense $29,000, Sales Revenue $115.000, Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900. Instructions a. Prepare the adjusting entry necessary as a result of the physical count. b. Prepare closing entries.

E5.7 (LO 4), AP Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Utilities Expense $29,000, Sales Revenue $115.000, Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900. Instructions a. Prepare the adjusting entry necessary as a result of the physical count. b. Prepare closing entries.

Name: 00.PE5.7 (LO 4), AP Juan Morales Company had the following account ba
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Description: 00.PE5.7 (LO 4), AP Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Utilities Expense $29,000, Sales Revenue $115,000, SaDiscounts $1,200, and Sales Returns and Allowances $1,700. A

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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