Presented is information related to Rogers Co. for the month of January 2010. In

Question

Presented is information related to Rogers Co. for the month of January 2010.

Instructions

(a) Prepare the necessary adjusting entry for inventory.

(b) Prepare the necessary closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Ending inventory per perpetual records $29,300 Ending inventory actually on hand 28,642 Cost of goods sold 222,930 Freight out 7,260 Insurance expense 12,860 Rent expense 27,000 Salary expense 69,280 Sales discounts 10,640 Sales returns and allowances 13,600 Sales 393,140

Explanation / Answer

(a) Cost of good sold Dr 658

Merchandise Inv Cr 658

Ending Inventory Perpetual 29300

Ending inv actual count 28642

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Over statement of Inventory 658

(b) Sales Dr 393,140

Income summary Cr 393,140

Income summary Dr $363,570

COGS Cr 222,930

Freight out Cr 7260

Insurance exp Cr 12860

Rent exp Cr 27000

Salary exp Cr 69280

Sales Disc Cr 10640

Sales return &Allow Cr 13600

Income summary Dr $29,570

ROgers Capital Cr $29,570

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