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Yilmaz Company had the following account balances at year-end:
Cost of goods sold TL 60,000
Merchandise inventory 15,000
Operating expenses 29,000
Sales 108,000
Sales discounts 1,200
Sales returns and allowances 1,700
A physical count of inventory determines that merchandise inventory on hand is TL14,100.
Instructions
Question (a) Prepare the adjusting entry necessary as a result of the physical count.
Question (b) Prepare closing entries
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