Question
11. Prepare a post-closing trial balance. *Adjustment data if needed: Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:
11. Prepare a post-closing trial balance.
*Adjustment data if needed:
Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:
a. Merchandise inventory on December 31 $90,800
b. Insurance expired during the year 1,250
c. Store supplies on hand on December 31 975
d. Depreciation for the current year needs to be calculated. The business uses
the Straight-line method, the store equipment has a useful life of 10 years
with no salvage value. (NOTE: the purchase and return will not be included
as the dates of the transactions were after the 15th of the month).
e. Accrued salaries on December 31:
Sales salaries $1,400
Office salaries 760 2,160
f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month.
g. Net realizable value of Accounts Receivable is determined to be $27,950.)
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