END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES The trial balance for Danbury Kite Shop as of December 31, 20-1, is shown on page 608.
At the end of the year, the following adjustments need to be made:
(a, b) Merchandise inventory as of December 31, $37,920.
(c, d, e) Bill Danbury estimates that customers will be granted $3,000 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $2,160.
(f) Unused supplies on hand, $420.
(g) Insurance expired, $2,880.
(h) Depreciation expense for the year on building, $24,000.
(i) Depreciation expense for the year on equipment, $4,800.
(j) Wages earned but not paid (Wages Payable), $624.
(k) Unearned repair revenue on December 31, 20-1, $1,440.
REQUIRED
PROBLEM 15-10B
Financial Accounting
Corporate Financial Accounting
Financial And Managerial Accounting
Accounting Information Systems
Financial & Managerial Accounting
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Foundations of Business (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Management, Loose-Leaf Version
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Essentials of Business Communication (MindTap Course List)
Principles of Economics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Essentials of Economics (MindTap Course List)
Contemporary Marketing
Financial & Managerial Accounting
Financial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
College Accounting (Book Only): A Career Approach
Intermediate Accounting: Reporting And Analysis
Accounting Information Systems
MKTG 12:STUDENT ED.-TEXT
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Accounting (Text Only)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Exploring Economics
Pkg Acc Infor Systems MS VISIO CD
Corporate Financial Accounting
Survey of Accounting (Accounting I)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Macroeconomics
Microeconomics
Practical Management Science
Purchasing and Supply Chain Management
Economics For Today
Economics (MindTap Course List)
Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Financial Accounting
Managerial Accounting
Macroeconomics: Private and Public Choice (MindTap Course List)
MACROECONOMICS FOR TODAY
Microeconomics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
Micro Economics For Today
Understanding Management (MindTap Course List)
Principles of Microeconomics