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    Rogers Co. Prepare adjusting entries for inventory, and closing entries

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    Question 3

    Presented 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 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. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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    This solution helps prepare adjusting entry for inventory and closing entries.

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