Summarize and post the appropriate columns of the special journals and prepare the trial balance section of

Fantastic news! We've Found the answer you've been seeking!

Question:

Summarize and post the appropriate columns of the special journals and prepare the trial balance section of the worksheet to prove that the general ledger is in balance. Next, prepare the subsidiary ledger schedules to verify that the subsidiary ledgers balance with their control accounts. Then, journalize and post the adjusting entries using the following information and the journals and ledgers.

Assume 360 days for any interest calculations and follow the traditional rules for rounding. For example, $5.415 rounds to $5.42 and $5.414 rounds to $5.41.

1. Physical inventories as of June 30, 20XX are as follows:

Office Supplies	$145
Store Supplies	$540

2. Depreciation is based on the end-of-month balance in the asset account, regardless of the date purchased. Seaside elects to use the straight-line method for calculating depreciation. Based on the balances in the following depreciable asset accounts, using the salvage value and useful life given, calculate the depreciation for each asset for the month of June.

Depreciable Asset	Salvage Value	Useful Life
Office Equipment	$192	96 months
Store Equipment	$140	120 months
Warehouse	$2800	240 months

3. Seaside must accrue salaries of $240 for the last three days of June. Employee income taxes are withheld at a rate of 15% and FICA taxes are withheld at a rate of 10%. The policy regarding the employer's matching 10% FICA liability is to accrue the amount for the full month's payroll at the end of the month.

4. Unused advertising amounts to $350.