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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 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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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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 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Transcribed Image Text: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 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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