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4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Inventory on May
4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Inventory on May 31 b. Insurance expired during the year c. Store supplies on hand on May 31 d. Depreciation for the current year e. Accrued salaries on May 31: Sales salaries Office salaries $7,000 6,600 $570,000 12,000 4,000 14,000 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attac parts 1 and 2. 2016 May 31 May 31 May 31 May 311 Date Description Adjusting Entries Post. Ref. Debit Credit B May 31 E E May 31 May 31
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