Concept explainers
COMPLETION OF A WORK SHEET SHOWING A NET INCOME A
(a and b)Â Â Â Â Merchandise inventory costing $24,000 is on hand as of December 31, 20--.
(The periodic inventory system is used.)
(c)Â Â Â Â Supplies remaining at the end of the year; $2,100.
(d)Â Â Â Â Unexpired insurance on December 31, $2,600.
(e)Â Â Â Â
(f)Â Â Â Â Depreciation expense on the store equipment for 20--, $3,800.
(g)Â Â Â Â Unearned decorating revenue as of December 31, $1,650.
(h)Â Â Â Â Wages earned but not paid as of December 31, $750.
REQUIRED
- 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter.
- 2. Complete the work sheet.
- 3. Enter the adjustments in a general journal.
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Chapter 14 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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