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Test 3 - Question 1 Presented is information related to...

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Question 1
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Presented is information related to Rogers Co. for the month of January 2008. Ending inventory per perpetual records $21,560 Ending inventory actually on hand 21,000 Cost of goods sold 212,000 Freight out 7,995 Insurance expense 12,300 Rent expense 21,100 Salary Expense 61,400 Sales Discounts 11,000 Sales Returns and Allowances 13,800 Sales 370,000 Instructions (a) Prepare the necessary adjusting entry for inventory. Description/Account Debit Credit Cost of Goods Sold 560 Merchandise Inventory 560 (b) Prepare the necessary closing entries. (List multiple debit/credit entries in descending order of amount.) Description/Account Debit Credit Sales 370,000 Income Summary 370,000 (To close income statement accounts with credit balances.) Income Summary 340,155 Cost of Goods Sold 212,560 Salary Expense 61,400 Rent Expense 21,100 Sales Returns and Allowances 13,800
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Question 2 Correct. Below is a series of cost of goods sold sections for companies B, F, L, and R. Instructions Fill in the lettered blanks to complete the cost of goods sold sections.
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