Make the necessary adjusting entries

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Reference no: EM13546150

Adjusting Entries

The following accounts were taken from the trial balance of Cristy Company as of December 31, 2008:

Sales

$90,000

Interest Revenue

5,000

Equipment

46,000

Accumulated Depreciation-Equipment

12,000

Inventory

20,000

Advertising Expense

2,000

Selling Expense

6,000

Interest Expense

1,000

Given the information below, make the necessary adjusting entries.

(a) The equipment has an estimated useful life of nine years and a salvage value of $1,000. Depreciation is calculated using the straight-line method.

(b) Of selling expense, $2,500 has been paid in advance.

(c) Interest of $750 has accrued on notes receivable.

(d) Of advertising expense, $620 was incorrectly debited to selling expense.

Reference no: EM13546150

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