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Question 4 of 9 -/1 View Policies Current Attempt in Progress Flounder Company had the...

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Accounting

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Question 4 of 9 -/1 View Policies Current Attempt in Progress Flounder Company had the following account balances at year-end: Cost of Goods Sold $64,510; Inventory $14,660; Operating Expenses $29.240: Sales Revenue $126,730; Sales Discounts $1.140; and Sales Returns and Allowances $1,830. A physical count of inventory determines that merchandise inventory on hand is $12,760. (a) 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 e Textbook and Media

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