Question: Refer to the data and information in problem in problem the

Refer to the data and information in Problem.
In Problem, The following unadjusted trial balance is prepared at fiscal year-end for Giaccio Products Company.
Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Giaccio Products Company uses a perpetual inventory system.
Required
1. Prepare adjusting journal entries to reflect each of the following.
a. Store supplies still available at fiscal year-end amount to $1,650.
b. Expired insurance, an administrative expense, for the fiscal year is $1,300.
c. Depreciation expense on store equipment, a selling expense, is $1,990 for the fiscal year.
d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,600 of inventory is still available at fiscal year-end.
Prepare and complete the entire 10-column work sheet for Giaccio Products Company. Follow the structure of Exhibit.


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  • CreatedMarch 18, 2015
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