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Problem #3-Adjusting Journal Entries Directions: Using the following Unadjusted Trial Balance of ABC Corporation and the additional information following, prepare the necessary adjusting journal entries. ABC Corporation Trial Balance As of December 31, 2015 Accounts Debit Credit Cash Short-term Investments Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Equipment Accumulated Depreciation, Equipment Accounts Payable Notes Payable due in 10 years Common Stock Retained Earnings Sales Rent Revenue Cost of Goods Sold S25,500 S 55,000 $74,000 $2,500 43.500 S18,000 S 275,000 $ 13,750 5 17,250 90,000 250,000 $ 56,500 180,000 30,000 2 5 26 87,500 Shipping Costs 14000 Problem #5 Cover het Problem #1 Problem #2 Problem" Problem, a 4 Problem #6 | @) rAs of Decetfibel S1, 2010 Shipping Costs Salaries and Wages Expense Interest Expense Miscellaneous Expense Insurance Expense 14,000 30,000 2,000 S 1,100 $ 14,400 640,000 640,000 TOTALS 34 35 Additional information #1 The balance in the Insurance Expense account contains the premium for Policy Z, original cost $14,400, two year term, taken out on Jan. 1, 2015 #2 On September 30, 20 date. 15, ABC received $30,000 rent from its lessee for an eighteen month lease beginning on that #3 The regular rate of depreciation is 5% per year. 38 #4 At December 31, 2015, salaries and wages accrued but unpaid were $4,900. #5 ABC estimates that 1.5% of annual sales will become uncollectible and should be recorded as bad debts. #6 On September 30, 2015, ABC rented a warehouse and recorded all of it to Prepaid Rent for S3.000 per month, 39 paying $18,000 in advance 41 42 ABC Corporation General Journal For the month ended December 31, 2015 Problen Clipboard ft 'As of December 31, 2015 B8 ABC 43 ABC Corporation General Journal For the month ended December 31, 2015 45 46 47 48 49 50 Date Description Debit Credit 57 63 64 65 68