Need help journalizing the following adjustment entries

Assignment Help Accounting Basics
Reference no: EM132184715

Question - Need help journalizing the following adjustment entries:

Adjustments data:

1. Accrued salaries on December 31, 2018 are as follows: 56,000 for sales salaries and 39,000 for office salaries.

2. Of the reported Prepaid Insurance Expense, 30,000 had expired as at December 31, 2018.

3. Store supplies on hand on December 31, 2018 amounted to 4,000.

4. The reported Unearned Sales Revenue account included 40,000 worth of inventory delivered last December 31.

5. Store furniture and equipment are estimated to have 15-year useful life with no salvage value.

6. Doubtful accounts are estimated at 10% of outstanding accounts receivable.

7. Merchandise inventory at end of 2018, based on physical count, is 370,000.

Note - all values are in Cuba Peso.

Reference no: EM132184715

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