Prepare the necessary adjusting entry for inventory

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Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 20,500 Salary expense 62,100 Sales discounts 10,500 Sales returns and allowances 13,700 Sales 350,000 Instructions (a) Prepare the necessary adjusting entry for inventory. Description/Account Debit Credit (b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account Debit Credit (To close income statement accounts with credit balances.) (To close income statement accounts with debit balances.) (To close net income to capital.) Click here if you would like to Show Work for this question

Reference no: EM13749763

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