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Prepare the adjusting entry necessary

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Question - Hugo Reyes Company had the following account balances at year-end: Cost of Goods Sold $61,010; Inventory $17,220; Operating Expenses $29,650; Sales Revenue $122,470; Sales Discounts $1,210; and Sales Returns and Allowances $2,030. A physical count of inventory determines that merchandise inventory on hand is $12,870.

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

(b) Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132025719

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