Prepare the end-of-period adjusting journal entries

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Question - Using the following unadjusted trial balance as of December 31, 2010 and the additional information provided in each question, prepare the end-of-period adjusting journal entries along with journal entry explanation.

Cash

26,700

 

Accounts receivable

33,700

 

Inventory

45,000

 

Store supplies

5,500

 

Store equipment

85,000

 

Delivery equipment

48,000

 

Accumulated depreciation

 

24,000

Note payable

 

51,000

Accounts payable

 

48,500

Common stock

 

90,000

Retained earnings

 

8,000

Sales

 

753,000

Cost of goods sold

497,400

 

Salaries expense

140,000

 

Advertising expense

26,400

 

Utilities expense

11,000

 

Store supplies expense

3,000

 

Repair expense

12,100

 

Delivery expense

16,700

 

Rent expense

24,000

 

Totals

974,500

974,500

On October 1, 2010, the company signed a new three-year lease and paid $9,000 for the next nine months of rent.

Reference no: EM131793751

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