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Prepare the adjusting entry necessary as a result of

Juan Morales Company had the following account balances atyear-end: Cost of Goods Sold $60,100; Inventory $14,110; OperatingExpenses $29,100; Sales Revenue $118,100; Sales Discounts $1,010;and Sales Returns and Allowances $1,610.

A physical count ofinventory determines that merchandise inventory on hand is $12,110.(a) Prepare the adjusting entry necessary as a result of thephysical count. (b) Prepare closing entries.

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Accounting Basics: Prepare the adjusting entry necessary as a result of

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