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Exercise 5-07 a-b (Part Level Submission) Indigo Company had the following account balances at year-end:...

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Exercise 5-07 a-b (Part Level Submission) Indigo Company had the following account balances at year-end: Cost of Goods Sold 560,870; Inventory $15.950; Operating Expenses $32.930; Sales Revenu $119,650; Sales Discounts $1,250; and Sales Returns and Allowances $1,900. A physical count of inventory determines that merchandise inventory on hand is $12,280. (a) your answer is partially correct. Try again. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cost of Goods Sold Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS

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