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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 22
Journalizing adjusting and closing entries, and computing gross profit
Emerson St. Paul Book Shop's accounts at June 30, 2012, included the following unadjusted balances:
The physical count of inventory on hand on June 30, 2012, was $5,000.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the closing entries for June 2012.
3. Compute the gross profit.
Emerson St. Paul Book Shop's accounts at June 30, 2012, included the following unadjusted balances:
The physical count of inventory on hand on June 30, 2012, was $5,000.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the closing entries for June 2012.
3. Compute the gross profit.
Explanation
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2.
Step 1 Read the exercise.
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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