$15-$M Mastery Problem: Journalizing adjusting entries and preparing an adjusted trial balance $L02,3,4,6,7,8,9$

Page $16$ of a general journal, a partially completed adjusted trial balance, and selected general ledger accounts for Winterland Rentals are given in the Working Papers.

Instructions:

Use the following information collected on December $31$ to prepare the adjusting entries.

a$.$ Estimate of uncollectible accounts receivable $$1,200\mathrm{.}00$

b$.$ Merchandise inventory

c$.$ Office supplies inventory

d$.$ Store supplies inventory

e$.$ Value of prepaid insurance

$55,830\mathrm{.}00$

f$.$ Note receivable, $90-$day, $6\%$ note, dated November $21$

g$.$ Estimate of office equipment depreciation

$1,090\mathrm{.}00$

h$.$ Estimate of store equipment depreciation

$3,600\mathrm{.}00$

$12,950\mathrm{.}00$

Post the adjusting entries in the general ledger.

Record all account balances, except for Federal Income Tax Expense, on an adjusted trial balance.

Using the tax table shown in this chapter, calculate the federal income tax owed for the fiscal year.

Journalize and post the adjusting entry for federal income tax payable.

Complete the adjusted trial balance.

Total, prove, and rule the adjusted trial balance.