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Following is a random list of some of the accounts and their balances on October...

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Accounting

Following is a random list of some of the accounts and their balances on October 31,2023, for Kaomi Products. Kaomi uses a perpetual inventory system, and all account balances are normal. OMIT EXPLANATIONS
Inventory $ 134,000 P. Kaomi, Capital 100,000
Sales revenue 940,000 Utilities expense 58,000
Interest revenue 56,000 Amortization expense 40,000
Salary expense 92,000 P Kaomi, Withdrawals 50,000
Sales returns & allowances 60,000 Cost of goods sold 518,000
Interest expense 26,000 Accounts payable 112,000
Delivery expense 30,000 Accounts receivable 156,000
Sales discounts 50,000 Cash 58,000
Insurance expense 16,000
A physical count on October 31,2023, reveals $130,000 of inventory on hand.
a) Prepare the entry to adjust the inventory account on October 31,2023.
b) Prepare the closing entries on October 31,2023.

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