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Comprehensive Problem $2$

Part $4$ and $6$:

Note: You must complete parts $1,2$ and $3$ before attempting to complete part $4$ and part $6.$ Part $5$ is an optional work sheet.

$4.$ At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part $6.$

a$.$ Inventory on May $31$ $$570,000$

b$.$ Insurance expired during the year $12,000$

c$.$ Store supplies on hand on May $314,000$

d$.$ Depreciation for the current year $14,000$

e$.$ Accrued salaries on May $31$:

Sales salaries $$7,000$

Office salaries $6,60013,600$

f$.$ The adjustment for customer returns and allowances is $$60,000$ for sales and $$35,000$ for cost of goods sold.

$6.$ Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts $1$ and $2.$

Date Description Post. Ref. Debit Credit

Adjusting Entries

$20$Y$6$

May $31$

Inventory

fill in the blank $2$

fill in the blank $3$

Cash

fill in the blank $5$

fill in the blank $6$

May $31$

fill in the blank $8$

fill in the blank $9$

fill in the blank $11$

fill in the blank $12$

May $31$

fill in the blank $14$

fill in the blank $15$

fill in the blank $17$

fill in the blank $18$

May $31$

fill in the blank $20$

fill in the blank $21$

fill in the blank $23$

fill in the blank $24$

May $31$

fill in the blank $26$

fill in the blank $27$

fill in the blank $29$

fill in the blank $30$

fill in the blank $32$

fill in the blank $33$

May $31$

fill in the blank $35$

fill in the blank $36$

fill in the blank $38$

fill in the blank $39$

May $31$

fill in the blank $41$

fill in the blank $42$

fill in the blank $44$

fill in the blank $45$