Solution-Prepare the necessary adjusting entry for

Ending inventory per perpetual records	$21,600	Insurance expense	$12,000
Ending inventory actually on hand	21,000	Rent expense	20,000
Cost of goods sold	208,000	Salary expense	61,000
Freight-out	7,000	Sales discounts	10,000
		Sales returns and allowances	13,000
		Sales	350,000

Instructions

(a) Prepare the necessary adjusting entry for inventory.

(b) Prepare the necessary closing entries.

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