adjusting and closing entries

Project Description:

smith manufacturing, inc. has asked that you assist with some bookkeeping services. the company is nearing year-end and needs help to prepare adjusting and closing entries. following is the information that you need to prepare the entries:

bad debts are estimated at 1% of net sales.
there is an $8,000 balance of unexpired insurance in the prepaid insurance account.
a physical inventory determined that there is $40,000 balance in inventory.
buildings are depreciated on a straight-line basis over 20 years, no salvage value.
equipment is depreciated on a straight-line basis over ten years, no salvage value.
all interest remained unpaid at year-end.
there was $2,000 in salaries payable at year-end.

download the following trial balance for smith manufacturing, inc. to assist in your preparation of the adjusting and closing entries.
Skills Required:
Project Stats:

Price Type: Negotiable

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