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Prepare the adjusting entry as a result of physical count

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Reference no: EM13160421

Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and sales returns and allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $14,100.

Instructions

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

Reference no: EM13160421

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