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Prepare the adjusting entry necessary

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Twix Company had the following account balances at year-end: Cost of Goods Sold $62,710; Inventory $14,890; Operating Expenses $30,640; Sales Revenue $118,720; Sales Discounts $1,260; and Sales Returns and Allowances $2,030. A physical count of inventory determines that merchandise inventory on hand is $12,790.

(a) Prepare the adjusting entry necessary as a result of the physical count.

(b) Prepare closing entries.

Reference no: EM131162597

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