The Following Information Is Taken from the General Ledger of Ben's

question 61

Essay

The following information is taken from the General Ledger of Ben's BMX Bikes at September 30, 2014. A physical count of the inventory indicates that the actual amount on hand is $5,450. Ben's uses the perpetual inventory system.
Instructions
a. Prepare the journal entry to adjust inventory.
b. Prepare the closing entries.
c. Prepare the post-closing trial balance.
d. Prepare a multiple-step income statement.
e. Calculate Ben's gross profit margin.

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Definitions:

Align

To adjust or arrange something in a straight line, or to bring into agreement or cooperation.

Trusting Relationship

A connection between individuals characterized by mutual confidence, reliance, and belief in each other's integrity.

Character

The mental and moral qualities distinctive to an individual.

Leadership Style

encompasses the manner and approach of providing direction, implementing plans, and motivating people.