Hugo reyes company had the following account balances at, Ask an Expert

Accounting

Hugo Reyes Company had the following account balances at year-end: Cost of goods sold $70,040; Merchandise inventory $22,410; Operating expenses $29,790; Sales $119,827; Sales discounts $1,580; and Sales returns and allowances $1,910. A physical count of inventory determines that merchandise inventory on hand is $14,960.

Instructions

(a) Prepare the adjusting entry necessary as a result of the physical count.

b) Prepare closing entries. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9972395

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