Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,430;...
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Accounting
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,430; Inventory $14,340; Operating Expenses $29,560; Sales Revenue $124,430; Sales Discounts $1,120; and Sales Returns and Allowances $1,830. A physical count of inventory determines that merchandise inventory on hand is $13,050.
Prepare the adjusting entry necessary as a result of the physical count.
1. Account Titles and Explanation
Debit Credit
2. Account Tiles and Explanation
Debit Credit
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