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Prepare the necessary adjusting entry for inventory

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Reference no: EM132836586

Presented below is information related to Pharoah Company, owned by D. Flamont, for the month of January 2021.

Ending inventory per perpetual records $20,700

Insurance expense $11,500

Ending inventory actually on hand 18,700

Rent expense 20,400

Cost of goods sold 216,000

Salaries expense 54,900

Freight out 5,900

Sales discounts 9,500

Sales returns and allowances 13,100

Sales 383,000

Problem 1: Prepare the necessary adjusting entry for inventory.

Reference no: EM132836586

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