The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown on page 550. Year-end adjustment information is as follows:
(a and b) Merchandise inventory costing $35,000 is on hand as of December 31, 20--. (The periodic inventory system is used.)
(c) Supplies remaining at the end of the year, $3,300.
(d) Unexpired insurance on December 31, $3,800.
(e) Depreciation expense on the building for 20--, $2,500.
(f) Depreciation expense on the store equipment for 20--, $3,500.
(g) Unearned rent revenue as of December 31, $4,500.
(h) Wages earned but not paid as of December 31, $800.

REQUIRED
1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter.
2. Complete the work sheet.
3. Enter the adjustments in a general journal.
Venice Beach Kite Shop
Trial Balance
December 31, 20€“

 

Transcribed Image Text:

DTLAME CEDE ALKE Cash Accunts Recetvable Merdundtse Inventory Supples Prepaid insarance 20 0 00 00 14 000 00 25 00 0 00 8000 00 5400 00 30 0 00 00 500이0 00| Land Bulding Acamulated Deprecta tion-Bulding Store Equtprment Acamulated Deprecta ton-Store Equiprnent Accounts Payable Wages Payakle Sales TaxPayable 20 00 0 00 35 0 0 00 14 0 00 00 96 00 00 5900 0 8900 00 45 0 00 00 6 410 00 Unearned Rent Revenue Mortgage Payable M. Young, Capital M. Young, Drawing hcome Summary 26 o 0 00 Sales 118 0 00 00 Sales Raturne and Aliowances Bent Revenue Purchazes Purchzes Returns and Allowances Perchzes Discounts Freight-h Wages Experse Advertising Experse Supplies Experse Telephone Experse Ueites Experse hsuranoe Expense Deprectaton Experse Buldng Deprectation Experse-Store Equipment Miscellaneous Expense 170 0 0 27 0 00 00 1400 00 18 0 0 00 2100 00 32 0 0 00 3600 00 13 50 00 8000 00 860 00 200 010 00 10 00 290 DTLAME CEDE ALKE Cash Accunts Recetvable Merdundtse Inventory Supples Prepaid insarance 20 0 00 00 14 000 00 25 00 0 00 8000 00 5400 00 30 0 00 00 500이0 00| Land Bulding Acamulated Deprecta tion-Bulding Store Equtprment Acamulated Deprecta ton-Store Equiprnent Accounts Payable Wages Payakle Sales TaxPayable 20 00 0 00 35 0 0 00 14 0 00 00 96 00 00 5900 0 8900 00 45 0 00 00 6 410 00 Unearned Rent Revenue Mortgage Payable M. Young, Capital M. Young, Drawing hcome Summary 26 o 0 00 Sales 118 0 00 00 Sales Raturne and Aliowances Bent Revenue Purchazes Purchzes Returns and Allowances Perchzes Discounts Freight-h Wages Experse Advertising Experse Supplies Experse Telephone Experse Ueites Experse hsuranoe Expense Deprectaton Experse Buldng Deprectation Experse-Store Equipment Miscellaneous Expense 170 0 0 27 0 00 00 1400 00 18 0 0 00 2100 00 32 0 0 00 3600 00 13 50 00 8000 00 860 00 200 010 00 10 00 290

Answer rating: 100% (QA)

Required solution of all parts is given below Ans A The journal entries are listed as given below Da... View the full answer