Refer to the data in Problem 5-12A. Required 1. Journalize the adjusting and closing entries. 2. Determine

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Refer to the data in Problem 5-12A.

Required

1. Journalize the adjusting and closing entries.

2. Determine the December 31, 2017, balance of Capital for Marvin's Fine Gems.

In Problem 5-12A

The trial balance of Marvin's Fine Gems at December 31, 2017, is shown below:

Refer to the data in Problem 5-12A.
Required
1. Journalize the adjusting

Additional data at December 31, 2017:
a. Rent expense for the year, $48,000.
b. The equipment has an estimated useful life of 10 years and is expected to have no value when it is retired from service.
c. Accrued salaries at December 31, $7,000.
d. Accrued interest expense at December 31, $2,600.
e. Inventory based on the inventory count on December 31, 2017, $351,200.

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Related Book For  book-img-for-question

Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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