Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit $ 8,400...

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Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit $ 8,400 22,965 34,900 2,565 805 3,555 77,790 Cash Accounts receivable Merchandise inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense $ 13,955 8,300 174,215 63,500 340 530,500 5,370 381,460 96,600 29,400 $727,310 $727,310 Totals 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 residual value at the end of its life of $14,790. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $270 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $2,090; a similar examination of the office supplies showed that $655 had been used. d. Accrued salaries payable, $1,950. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $34,070. Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit $ 8,400 22,965 34,900 2,565 805 3,555 77,790 Cash Accounts receivable Merchandise inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense $ 13,955 8,300 174,215 63,500 340 530,500 5,370 381,460 96,600 29,400 $727,310 $727,310 Totals 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 residual value at the end of its life of $14,790. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $270 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $2,090; a similar examination of the office supplies showed that $655 had been used. d. Accrued salaries payable, $1,950. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $34,070.

Answer rating: 100% (QA)

adjusting entries a dr cr depreciation expanse 6300 accumul... View the full answer