Acc280 Financial Accounting: E5-8 Presented is information related to Rogers Co

Acc280 Financial Accounting
E5-8
Presented is information related to Rogers Co. for the month of January 2008.
Ending inventory per perpetual records 21,600
Ending inventory actually on hand 21,000
Cost of goods sold 218,000
Freight-out 7,000
Insurance expense 12,000
Rent expense 20,000
Salary Expense 61,000
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. (List multiple debit/credit entries in descending order of amount.)
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