Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December 31, 20X1 has the following profit and loss related items balance. After the inventory, it is known that the inventory of goods at the end of the period is $40,000. Please prepare the closing entry on December 31.

Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December 31, 20X1 has the following profit and loss related items balance. After the inventory, it is known that the inventory of goods at the end of the period is $40,000. Please prepare the closing entry on December 31.

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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