(Answered) Question - kennedy company had the following account

Accounting

Question - Kennedy Company had the following account balances at year-end: cost of goods sold $85,000; inventory $15,000; operating expenses $39,000; sales revenue $144,000; sales discounts $1,600; and sales returns and allowances $2,300. A physical count of inventory determines that inventory on hand is $14,400.

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

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