The accounts in the ledger of Monroe Mountain Shop, with the balances as of December 31, the
Question:
The accounts in the ledger of Monroe Mountain Shop, with the balances as of December 31, the end of its fiscal year, are as follows:
Data for the adjustments are as follows;
a-b. Merchandise Inventory at December 31, $124,800.
c. Store supplies inventory at December 31, $540.
d. Depreciation of building, $4,200.
e. Depreciation of store equipment, $3,600.
f. Salaries accrued at December 31, $1,650.
g. Insurance expired during the year, $2,280.
Instructions 1. Complete the work sheet after entering the account names and balances into the work sheet.
2. Journalize the adjusting entries.
Instructions for General Ledger Software 1. Record the adjusting entries in the general journal.
2. Print the journal.
3. Post the general journal amounts to the general ledger.
4. Print a trial balance.
5. Print the income statement, statement of owner’s equity, and balance sheet.
Step by Step Answer:
College Accounting Chapters 1-26
ISBN: 9780395796993
6th Edition
Authors: Douglas J. McQuaig, Patricia A. Bille