Reference no: EM131748970

Question: Show transcribed image text IThe following information applies to the questions displayed below. The December 31, 2016, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's fiscal year-end Account Title Debits Credits 75,370 Cash 21,500 Accounts receivable Prepaid rent 2,400 32,500 Inventory 58,000 Equipment Accumulated depreciation-equipment 17,400 Accounts payable 22,000 Salaries and wages payable Common stock 100,000 Retained earnings 13,000 353,000 Sales revenue 211,800 Cost of goods sold 70,600 Salaries and wages expense 14,400 Rent expense Depreciation expense 14.120 Utility expense 4,710 Advertising expense Totals 505,400 505,400

The following year-end adjusting entries are required:

a. Depreciation expense for the year on the equipment is $5,800.

b. Accrued salaries and wages payable at year-end should be $4,640.