Kennedy Company Had the Following Account Balances at Year-End: Cost

question 54

Essay

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.

Grasp the principles and components of a visionary organization, including the need to set a direction and formulate strategies.

Recognize the importance and characteristics of organizational core values, and how they guide conduct over time.

Distinguish between the organizational mission, vision, and core values.

Acknowledge the concept and significance of stakeholders in an organization's ecosystem.

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Definitions:

Carbohydrates

Organic compounds occurring in foods and living tissues, including sugars, starch, and cellulose, which are a major source of energy for the human body.

Secretions

Substances produced and released by cells or glands in the body, such as saliva, mucus, or hormones, serving various physiological functions.

Sweat Gland

One of the small tubular structures situated within and under the skin that produce sweat as a means to cool the body.

Dysfunction

Impaired or abnormal functioning, as of an organ, system, or process in the body, leading to a variety of health issues or diseases.