Use the unadjusted trial balance of Electric Bike on December 31, 2020. Cash Accounts receivable Merchandise...

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Use the unadjusted trial balance of Electric Bike on December 31, 2020. 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 Totals Debit $ 8,000 22,565 34,500 2,365 885 4,355 73,390 61,500 4,970 381,060 96,200 29,000 0 0 0 Credit $ 13,555 7,900 0 168,535 Required: 1. Record adjusting entries for the following information. 300 528, 500 $718,790 $718,790 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 $14,390. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $310 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $1,970; a similar examination of the office supplies showed that $695 had been used. d. Accrued salaries payable, $1,750. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33,710. Use the unadjusted trial balance of Electric Bike on December 31, 2020. 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 Totals Debit $ 8,000 22,565 34,500 2,365 885 4,355 73,390 61,500 4,970 381,060 96,200 29,000 0 0 0 Credit $ 13,555 7,900 0 168,535 Required: 1. Record adjusting entries for the following information. 300 528, 500 $718,790 $718,790 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 $14,390. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $310 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $1,970; a similar examination of the office supplies showed that $695 had been used. d. Accrued salaries payable, $1,750. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33,710.

Answer rating: 100% (QA)

Record adjusting entries for the following information a The records show that the equipment was est... View the full answer