Question
2. Award: 10.00 points Use the unadjusted trial balance of Electric Bike on December 31, 2020. Cash Accounts receivable merchandise Inventory Store supplies Office supplies
2. Award: 10.00 points Use the unadjusted trial balance of Electric Bike on December 31, 2020. Cash Accounts receivable merchandise Inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden I canital Braeden Li. withdrawals Interest income Sales Sales retums and allowances vost or codes sold Salanes expense Rent expels Supplies expense Deoreciation exoense. equioment Insurance expense Totals Debit 8,800 23.365 35,300 2.765 845 .955 82,190 Credit 14.355 8.700 181.215 65,500 380 532,500 5,770 381,860 97.000 29.800 $ 737.150 $737.150 Required. 1. Record adjusting entries for the following information. The records show that the equioment was estimated to have a total estimated useful life of 10 vears with a residual value at the end of its life of s14 100 b. The balance in the Prepaid Insurance account was reviewed and it was determined that $290 was unused at December 31. 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $2.210: a similar examination of the office supplies showed that $675 had been used. d. Accrued salaries payable, $2,150 e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $34,430. 2. Prepare a multiple-step income statement showing the expenses in detail. nttps://ezto.mheducaton.com/apucaa/activity/C15Print?wt=eyJnbGaOJSUzi1NJ9.eyJlbnZpcm9ub/VudCloln8yo20LcJocs/.Ol.eno.C/wcmlud 1/2 7/30/22. 7:09 PM References Worksheet Learning Objective: 05-05 Define, prepare, and analyze merchandising income statements.
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