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Make the adjusting entry necessary

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Question - Pronghorn Company had the following account balances at year-end: Cost of Goods Sold $64,120; Inventory $14,320; Operating Expenses $30,950; Sales Revenue $124,720; Sales Discounts $1,250; and Sales Returns and Allowances $2,110. A physical count of inventory determines that merchandise inventory on hand is $12,470.

Required - Make the adjusting entry necessary as a result of the physical count with the information above.

Reference no: EM132654084

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