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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Presented below is information related to Taylor Co. for the month of January 2014.
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| Ending inventory per | Â | Â | Â | Insurance expense | Â | $ 12,000 |
| perpetual records | Â | $ 21,600 | Â | Rent expense | Â | 20,000 |
| Ending inventory actually | Â | Â | Â | Salaries and wages expense | Â | 59,000 |
| on hand | Â | 21,000 | Â | Sales discounts | Â | 8,000 |
| Cost of goods sold | Â | 208,000 | Â | Sales returns and allowances | Â | 13,000 |
| Freight-out | Â | 7,000 | Â | Sales revenue | Â | 378,000 |
(a) Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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