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Prepare the adjusting entry necessary as a result

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Novak company had the following account balances at year- end: cost of goods sold $60870; inventory $18070; operating expenses $32660; sales revenue $123390; sales discounts $1030; and sales returns and allowances$1930. A physical count of inventory determines that merchandise inventory on hand is$12840. Prepare the adjusting entry necessary as a result of the physical count.

Reference no: EM132382217

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