Managerial Accounting

Presented below is information related to Sarasota Co. for the month of January 2020.

Ending inventory per Insurance expense $11,100
   perpetual records $25,510 Rent expense 24,490
Ending inventory actually Salaries and wages expense 58,620
   on hand 24,810 Sales discounts 10,360
Cost of goods sold 215,990 Sales returns and allowances 15,660
Freight-out 7,620 Sales revenue 419,490
Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit
Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit
(To close accounts with credit balances)
(To close accounts with debit balances)
(To close net income / (loss))

Solution:

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