Presented below is information related to Pharoah Co., owned by D. Davis, for the month of January 2024. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Delivery expense Insurance expense $20,700 18,700 216,000 5,900 4 11.500 Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $20,400 54,900 9,500 13,100 383,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry)
Presented below is information related to Pharoah Co., owned by D. Davis, for the month of January 2024. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Delivery expense Insurance expense $20,700 18,700 216,000 5,900 4 11.500 Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $20,400 54,900 9,500 13,100 383,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is information related to Pharoah Co., owned by D. Davis, for the month of January 2024.
Ending inventory per perpetual records
Ending inventory actually on hand
Cost of goods sold
Delivery expense
Insurance expense
$20,700
18,700
216,000
5,900
4
11,500
Rent expense
Salaries expense
Sales discounts
Sales returns and allowances
Sales
$20,400
54,900
9,500
13,100
383,000
Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List debit entry before
credit entry)
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