Tim Jarosz Company had the following account balances at year-end; Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,600.
Instructions
- Prepare the adjusting entry necessary as a result of the physical count.
- Prepare closing entries
Solution
a.
Tim Jarosz Company
Adjusting Journal Entries
Adjusting Journal Entries
b.
Tim Jarosz Company
Closing Journal Entries
Closing Journal Entries
