Obtain all data that is necessary from the worksheet prepared for Whatnots in Problem 12.5B at the end of Chapter 12. Then follow the instructions to complete this problem.

In Problem 12.5B ACCOUNTS AND BALANCES

INSTRUCTIONS
1. Record adjusting entries in the general journal as of December 31, 2016. Use 29 as the first journal page number. Include descriptions for the entries.
2. Record closing entries in the general journal as of December 31, 2016. Include descriptions.
3. Record reversing entries in the general journal as of January 1, 2017. Include descriptions.
Analyze: Assuming that the company did not record a reversing entry for salaries payable, what entry is required when salaries of $2,600 are paid on January 4? (Ignore payroll taxeswithheld.)

3235 Dr 6,910 Dr. 600 Cr 16,985 Dr. 750 Dr. 2,400 Dr. 6,000 Dr. 2,000 r. 15,760 Dr. 4,100 C. 4,000 r 600 r. Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurancoe Store Equipment Accumulated Depreciation-Store Equip Store Fixtures Accumuloted Depreciation-Store Fixtures Motes Payable Accounts Payable Interest Payable Social Security Tax Puyable Medicare Tax Payable Federal Unemployment Tox Payable State Unemployment Tax Payable Salaries Payable Preston Allen, Capital Preston Allen, Drawing Sales Sales Returns and Allovwances Purchases Purchases Returns and Allowances Income Summary Rent Expense Telephone Expense Salaries Expense Payrll Tax Expense Supplies Expense nsurance Expense Depreciation Expense-Store Equipment Depreciotion Expense- Store Fixtures Uncollectible Accounts Expense Interest Expense 39,780 Cr. 8,000 Dr. 236,560 r 6,000 Dr. 160,000 Dr. 2,000 Cr. 18,000 Dr. 2,400 Dr. 40,000 Dr. 3,200 Dr.