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Prepare the adjusting entry necessary

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Question - Concord Company had the following account balances at year-end: Cost of Goods Sold $61,510. Inventory $15,140, Utilities Expense $32,040, Sales Revenue $126,180, Sales Discounts $1,500, and Sales Returns and Allowances $1,940. A physical count of inventory determines that merchandise inventory on hand is $12,750. They use the perpetual inventory system. Prepare the adjusting entry necessary as a result of the physical count.

Reference no: EM133109847

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