Acc557 Financial Accounting: E5-8 Presented below is information related to Taylor Co

Acc557 Financial Accounting

Exercise 5-8
Presented below is information related to Taylor Co. for the month of January 2014.
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 Salaries and wages expense 59,000
Freight-out 7,000 Sales discounts 8,000
Sales returns and allowances 13,000
Sales revenue 378,000

Instructions:
(a) Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) Prepare the necessary closing entries.
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