Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b) Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount (To close accounts with debit balances) enter an account title to close net income or loss enter a debit amount enter a credit amount enter an account title to close net income or loss enter a debit amount enter a credit amount (To close net income / (loss)) I am lost

Name: Flounder Company had the following account balances at year-end: Cost
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Flounder Company had the following account balances at year-end: Cost of Goods Sold $64,510, Inventory $14,660, Utilities Expense $29,240, Sales Revenue $126,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,830. A physical count of in

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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(a)

Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

(b)

Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to close accounts with credit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with credit balances	enter a debit amount	enter a credit amount
(To close accounts with credit balances)
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
(To close accounts with debit balances)
enter an account title to close net income or loss	enter a debit amount	enter a credit amount
enter an account title to close net income or loss	enter a debit amount	enter a credit amount
(To close net income / (loss))

I am lost

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