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Kennedy Company had the following account balances at year-end: cost of goods sold $85,000; inventory $15,000; operating expenses $39,000; sales revenue $144,000; sales discounts $1,600; and sales returns and allowances $2,300. A physical count of inventory determines that inventory on hand is $14,400.
Instructions
(a) Prepare the adjusting entry necessary as a result of the physical count.
(b) Prepare closing entries.
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An act of public demonstration that involves aggressive actions and behaviors, often leading to injury or damage as a form of expressing opposition.
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The process by which social movement organizations align their interests, values, and beliefs with those of potential members, to increase adherence and support.
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Describes a society or group lacking structured social systems, institutions, or coherent group organization.
Socially Structured
A term denoting how societies organize themselves through established patterns and systems of social relationships and institutions.
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