The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown on page 550.
(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.
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
December 31, 20
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Question Posted: June 07, 2014 03:43:29