Loa's Hardware's trial balance for the year ended December 31, 2014 is provided below. Loa's uses the perpetual inventory system. A count of the inventory on hand shows the actual amount on hand is $26,500. All other year-end adjusting entries have been made. Instructions
a. Prepare the adjusting entry to record the correct inventory account.
b. Prepare the closing entries.
c. Prepare a multiple-step income statement for Low's Hardware.

Question

Loa's Hardware's trial balance for the year ended December 31, 2014 is provided below. Loa's uses the perpetual inventory system. A count of the inventory on hand shows the actual amount on hand is $26,500. All other year-end adjusting entries have been made.  Instructions 
a. Prepare the adjusting entry to record the correct inventory account.
b. Prepare the closing entries.
c. Prepare a multiple-step income statement for Low's Hardware.

Quizplus · Accepted Answer

The Answer of Loa's Hardware's trial balance for the year ended December 31, 2014 is provided below. Loa's uses the perpetual inventory system. A count of the inventory on hand shows the actual amount on hand is $26,500. All other year-end adjusting entries have been made.  Instructions 
a. Prepare the adjusting entry to record the correct inventory account.
b. Prepare the closing entries.
c. Prepare a multiple-step income statement for Low's Hardware.

Loa's Hardware's Trial Balance for the Year Ended December 31