The Following Is a Random List of the Accounts and Their

question 13

Essay

The following is a random list of the accounts and their balances for Gordon Auto Sales (a proprietorship owned by A. Gordon) on December 31, 2014. The company uses a perpetual inventory system. A physical count of inventory on December 31, 2014 reveals $671,575 on hand.
Instructions
a. Prepare the entry to adjust inventory.
b. Prepare the closing entries on December 31, 2014.
c. Prepare the post-closing trial balance.

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Definitions:

Third-Country National

An individual employed by a company who is neither a citizen of the country where the company is headquartered nor of the country where they are working.

Host-Country National

An individual who is a citizen of the country in which a foreign subsidiary or company operates.

Parent-Country National

An individual who is employed by an organization or corporation in their home country and is working in another country where the organization operates.

Multinational Company

An organization that builds facilities in a number of different countries in an effort to minimize production and distribution costs.