For each of the following independent situations, indicate the adjusting entry that must be made on the

Question:

For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2013, worksheet. Omit descriptions.
a. During the year 2013, Sam & Sons Company had net credit sales of $941,000. Past experience shows that 0.6 percent of the firm's net credit sales result in uncollectible accounts.
b. Equipment purchased by One Stop Shops for $29,355 on January 2, 2013, has an estimated useful life of nine years and an estimated of $1,743. What adjustment for depreciation should be recorded on the firm's worksheet for the year ended December 31, 2013?
c. On December 31,2013, Parrish Plumbing Supply owed wages of $6,546 to its factory employees, who are paid weekly.
d. On December 31,2013, Parrish Plumbing Supply owed the employer's social security (6.2%) and Medicare (1.45%) taxes on the entire $6,546 of accrued wages for its factory employees.
e. On December 31,2013, Parrish Plumbing Supply owed federal (0.8%) and state (5.4%) unemployment taxes on the entire $6,546 of accrued wages for its factory employees.
Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...