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Following is a random list of some of the accounts and their balances on December 31, 2013, for ...

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Following is a random list of some of the accounts and their balances on December 31, 2013, for ...

Following is a random list of some of the accounts and their balances on December 31, 2013, for Copperfield Merchandising. Copperfield uses a perpetual inventory system and all account balances are normal.

   Inventory   $ 67,000
   Sales revenue   470,000
   Interest revenue   28,000
   Salary expense   46,000
   Sales returns & allowances   30,000
   Interest expense   13,000
   Delivery expense   15,000
   Sales discounts   25,000
   Insurance expense   8,000
   P.Copperfield, Capital   50,000
   Utilities expense   29,000
   Amortization expense   20,000
   P Copperfield, Withdrawals   25,000
   Cost of goods sold   259,000
   Accounts payable   56,000
   Accounts receivable   78,000
   Cash   29,000

A physical count on December 31, 2013, reveals $65,000 of inventory on hand.

a) Prepare the entry to adjust the inventory account on December 31, 2013.
b) Prepare the closing entries on December 31, 2013.

Textbook

Accounting, Volume 1, Canadian Edition

Edition: 9^th

Authors: Horngren, Harrison, Johnston, Meissner, Norwood

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