E5-8 Presented below is information related to Rogers Co. for the month of January 2008.
| Ending inventory per perpetual records | 21,600 |
| Ending inventory actually on hand | 21,000 |
| Cost of goods sold | 218,000 |
| Freight out | 7,000 |
| Insurance expense | 12,000 |
| Rent expense | 20,000 |
| salary and wages expense | 61,000 |
| sales discounts | 10,000 |
| sales returns and allowances | 13,000 |
| Sales | 350,000 |
Instructions
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closing entries.
This comment has been removed by the author.
ReplyDelete