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Prepare the adjusting entry necessary

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Question - Flint Company had the following account balances at year-end: Cost of Goods Sold $64,950, Inventory $14,340, Utilities Expense $29,600, Sales Revenue $122,540, Sales Discounts $1,100, and Sales Returns and Allowances $1,970. A physical count of inventory determines that merchandise inventory on hand is $12,520. They use the perpetual inventory system.

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

Reference no: EM133185399

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