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Prepare adjusting entry necessary as a result of physical

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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

Reference no: EM132607997

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