Prepare the necessary adjusting entry for inventory

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Question - Presented below is information related to Sheridan Company, owned by D. Flamont, for the month of January 2017.

Ending inventory per perpetual records $22,800

Insurance expense $11,700

Ending inventory actually on hand 18,600

Rent expense 20,600

Cost of goods sold 205,000

Salaries expense 55,100

Freight out 6,500

Sales discounts 9,600

Sales returns and allowances 12,900S

Sales 375,000

Required -

1. Prepare the necessary adjusting entry for inventory.

2. Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January.

Reference no: EM132761059

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