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Business, 30.03.2020 16:19 ofuber

Novak Corp. had the following account balances at year-end: Cost of Goods Sold $61,200; Inventory $14,550; Operating Expenses $29,960; Sales Revenue $120,310; Sales Discounts $1,080; and Sales Returns and Allowances $1,750. A physical count of inventory determines that merchandise inventory on hand is $12,180.
Prepare the adjusting entry necessary as a result of the physical count.

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Novak Corp. had the following account balances at year-end: Cost of Goods Sold $61,200; Inventory $1...

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