QUESTION:1 Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand Cost of goods sold 21,000 210,000 Freight out Insurance expense 7,068 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: Prepare the necessary adjusting entry for inventory.
QUESTION:1 Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand Cost of goods sold 21,000 210,000 Freight out Insurance expense 7,068 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: Prepare the necessary adjusting entry for inventory.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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