Merchandise inventory Store supplies 33,600 1,915 975 Office supplies Prepaid insurance 5,255 Equipment 63,490 Accumulated depreciation,...

 

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Merchandise inventory Store supplies 33,600 1,915 975 Office supplies Prepaid insurance 5,255 Equipment 63,490 Accumulated depreciation, equipment $ 12,655 Accounts payable 7,000 Salaries payable 0 Braeden Li, capital 154,765 Braeden Li, withdrawals 57,000 Interest income 210 Sales 524,000 Sales returns and allowances 4,070 Cost of goods sold 380,160 Salaries expense 95,300 Rent expense 28,100 Supplies expense 0 Depreciation expense, equipment 0 Insurance expense 0 Totals $698,630 $698,630 Required: 1. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a of its life of $13,490. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $355 was unused c. A review of the store supplies on December 31, 2023, revealed a balance on hand of $1,700; a similar exam supplies showed that $740 had been used. d. Accrued salaries payable, $1,300. e. A count of the merchandise inventory revealed a balance on hand December 31, 2023, of $32,900. View transaction list Merchandise inventory Store supplies 33,600 1,915 975 Office supplies Prepaid insurance 5,255 Equipment 63,490 Accumulated depreciation, equipment $ 12,655 Accounts payable 7,000 Salaries payable 0 Braeden Li, capital 154,765 Braeden Li, withdrawals 57,000 Interest income 210 Sales 524,000 Sales returns and allowances 4,070 Cost of goods sold 380,160 Salaries expense 95,300 Rent expense 28,100 Supplies expense 0 Depreciation expense, equipment 0 Insurance expense 0 Totals $698,630 $698,630 Required: 1. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a of its life of $13,490. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $355 was unused c. A review of the store supplies on December 31, 2023, revealed a balance on hand of $1,700; a similar exam supplies showed that $740 had been used. d. Accrued salaries payable, $1,300. e. A count of the merchandise inventory revealed a balance on hand December 31, 2023, of $32,900. View transaction list

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