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Hugo Reyes Company had the following account balances at year-end: Cost of Goods Sold $61,010; Inventory $17,220; Operating Expenses $29,650; Sales Revenue $122,470; Sales Discounts $1,210; and Sales Returns and Allowances $2,030. A physical count of inventory determines that merchandise inventory on hand is $12,870.

(a) Prepare the adjusting entry necessary as a result of the physical count.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit
Account Titles and Explanation Debit Credit
Account Titles and Explanation Debit Credit
Account Titles and Explanation
Debit
Credit

(b) Prepare closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit (To close accounts with credit balances.) (To close accounts with debit balances.) (To close net income / (loss).)
Account Titles and Explanation Debit Credit (To close accounts with credit balances.) (To close accounts with debit balances.) (To close net income / (loss).)
Account Titles and Explanation Debit Credit
Account Titles and Explanation
Debit
Credit

(To close accounts with credit balances.)
(To close accounts with credit balances.)

(To close accounts with debit balances.)
(To close accounts with debit balances.)

(To close net income / (loss).)
(To close net income / (loss).)

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