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Presented below is selected information related to Sheridan Company for the year ended January 31, 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out $29,890 29,390 222,830 6,920 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 12,880 15,870 413,440

Presented below is selected information related to Sheridan Company for the year ended January 31, 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out $29,890 29,390 222,830 6,920 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 12,880 15,870 413,440

FINANCIAL ACCOUNTING
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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Please prepare the necessary closing entries

Presented below is selected information related to Sheridan Company for the year ended January 31, 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out $29,890 29,390 222,830 6,920 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 12,880 15,870 413,440
Transcribed Image Text:Presented below is selected information related to Sheridan Company for the year ended January 31, 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out $29,890 29,390 222,830 6,920 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 12,880 15,870 413,440
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