Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December 31, 20X1 has the following profit and loss related items balance. After the inventory, it is known that the inventory of goods at the end of the period is $40,000. Please prepare the closing entry on December 31.

Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December 31, 20X1 has the following profit and loss related items balance. After the inventory, it is known that the inventory of goods at the end of the period is $40,000. Please prepare the closing entry on December 31.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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