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Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical count of inventory determines that merchandise inventory on hand is $13,300.
Instructions:
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.
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