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Make adjusting entry necessary as a result of physical count

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Question - Novak 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. Make the adjusting entry necessary as a result of the physical count.

Reference no: EM132725458

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