Concept explainers
The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows:
Data for the adjustments are as follows:
a–b. Merchandise Inventory at December 31, $104,565.
c. Wages accrued at December 31, $934.
d. Supplies inventory (on hand) at December 31, $755.
e.
f. Depreciation of office equipment, $1,531.
g. Insurance expired during the year, $935.
h. Rent earned, $2,450.
Required
- 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL.
- 2. Journalize the
adjusting entries . If using manual working papers, record adjusting entries on journal page 16.
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