Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,870; Inventory $18,070; Operating Expenses $32,660; Sales Revenue $123,390; Sales Discounts $1,030; and Sales Returns and Allowances $1,930. A physical count of inventory determines that merchandise inventory on hand is $12,840.
Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit To close accounts with debit balances)
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Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. ( t or f)
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Business, 22.06.2019 17:50
Which of the following is an element of inventory holding costs? a. material handling costs b. investment costs c. housing costs d. pilferage, scrap, and obsolescence e. all of the above are elements of inventory holding costs.
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Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,870; Inv...
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