The following is a random list of the accounts and their balances for Gordon Auto Sales (a proprietorship owned by A. Gordon) on December 31, 2014. The company uses a perpetual inventory system. A physical count of inventory on December 31, 2014 reveals $671,575 on hand.
Instructions
a. Prepare the entry to adjust inventory.
b. Prepare the closing entries on December 31, 2014.
c. Prepare the post-closing trial balance.

Question

The following is a random list of the accounts and their balances for Gordon Auto Sales (a proprietorship owned by A. Gordon) on December 31, 2014. The company uses a perpetual inventory system.  A physical count of inventory on December 31, 2014 reveals $671,575 on hand.
Instructions 
a. Prepare the entry to adjust inventory.
b. Prepare the closing entries on December 31, 2014.
c. Prepare the post-closing trial balance.

Quizplus · Accepted Answer

The Answer of The following is a random list of the accounts and their balances for Gordon Auto Sales (a proprietorship owned by A. Gordon) on December 31, 2014. The company uses a perpetual inventory system.  A physical count of inventory on December 31, 2014 reveals $671,575 on hand.
Instructions 
a. Prepare the entry to adjust inventory.
b. Prepare the closing entries on December 31, 2014.
c. Prepare the post-closing trial balance.

The Following Is a Random List of the Accounts and Their