Reference no: EM131811968
Selected accounts from Second City Company's trial balance of 12/31/17 appear below:
Accounts Payable $200,000
Accounts Receivable $350,000
Accumulated Depreciation-Equipment $200,000
Allowance for doubtful Accounts $20,000
Common Stock $60,000
Insurance Expense $30,000
Interest Expense $10,000
Merchandise Inventory, Specific Identification $300,000
Note Payable, 12% interest payable annually on 11/30 Issued 12/1/2017, due 12/1/2022 $600,000
Office Supplies Expense $15,000
Rent Expense $180,000
Retained Earnings (Balance 1/1/17) $130,000
Revenue (Sales) $3,000,000
Salaries Expense $328,000
Required:
Prepare adjusting journal entries at year-end, December 31, 2017, based on the following information. No adjusting or closing journal entries have been made during the year. Create any accounts that you need that are not listed above.
A) The equipment has a life of 4 years, $200,000 salvage value, and the straight-line method of depreciation is used.
B) Record interest on the note payable.
C) Salaries and wages earned but unpaid at 12/31/17, $20,000.
D) Office Supplies Expense includes $4,000 of unused office supplies on 12/31/17.
E) The Rent Expense of $180,000 covered a prepayment for six months, from October 1, 2017 through March 31, 2018. It was paid on October 1, 2017.
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