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Income Statement Closing Entries

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Presented is information related to Rogers Co. for the month of January 2010.

Ending inventory per perpetual records $23,660
Ending inventory actually on hand 23,106
Cost of goods sold 227,700
Freight out 7,640
Insurance expense 12,760
Rent expense 26,080
Salary expense 63,010
Sales discounts 10,860
Sales returns and allowances 13,200
Sales 393,110

Instructions
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to
smallest e.g., 10, 5, 3, 2.)

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Solution Summary

This solution illustrates how to adjust ending inventory to actual at the end of an accounting period and how to prepare closing entries.

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