Prepare the necessary adjusting entry for inventory

 

Presented below is information related to Sarasota Co. for the month of January 2020.

Don't use plagiarized sources. Get Your Custom Essay on
Prepare the necessary adjusting entry for inventory
Just from $13/Page
Order Essay
Ending inventory per       Insurance expense   $11,100
   perpetual records   $25,510   Rent expense   24,490
Ending inventory actually       Salaries and wages expense   58,620
   on hand   24,810   Sales discounts   10,360
Cost of goods sold   215,990   Sales returns and allowances   15,660
Freight-out   7,620   Sales revenue   419,490

 

 
 

 

 

 

 
Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit
     
     

 

 
 

 

 

 

 
Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit
     
     
(To close accounts with credit balances)    
     
     
     
     
     
     
     
     
(To close accounts with debit balances)    
     
     
(To close net income / (loss))  

 

 

Place Order
Grab A 14% Discount on This Paper
Pages (550 words)
Approximate price: -
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)