Journalizing adjusting and closing entries, and computing gross profit [10-15 min]
Emerson St. Paul Book Shop’s accounts at June 30, 2012, included the following unadjusted balances:
The physical count of inventory on hand on June 30, 2012, was $5,000.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. Journalize the closing entries for June 2012.
3. Compute the gross profit.
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