Question

Exercise 5-07 a-b (Part Level Submission) Cheyenne Company had the following account balances at year-end: Cost of Goods Sold $62,020; Inventory $17,320; Operating Expenses $29,150; Sales Revenue $121,470; Sales Discounts $1,380; and Sales Returns and Allowances $1,890. A physical count of inventory determines that merchandise inventory on hand is $12,230. (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 Click If you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (b) The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 1

Account title	Debit($)	Credit($)
Cost of goods sold($17320-$12230)	5090
Inventory		5090