Prepare the adjusting entry necessary

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Question - Monty company had the following account balances at year-end: Cost of goods sold 61,010, inventory 16,210, operating expenses 33,010, sales revenue 123,840, sales discounts 1,230, and sales returns and allowances 2,050. A physical count of inventory determines that merchandise inventory on hand is 12, 920. Prepare the adjusting entry necessary as a result of the physical count.

Reference no: EM132937966

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