#6.

Record the following four transactions as adjusting entries under the "General Journal" tab.

Dec 31.

The company estimates 20% of the ending balance of accounts receivables is not going to be collected. (Hint: Remember to consider the balance in the allowance for uncollectibe account, if any.)

Dec 31.

Record December's adjustment to accrue interest for the notes receivables.

Dec 31.

The company uses the lower of cost or net realizable valuemethod for inventory valuation.The net realizable value of the inventory is $7per unit.Make the adjusting entry if necessary.

Dec 31.

Calculate depreciation using Straight line method. The equipment purchased has a useful life of 72 months and no residual value. Record the depreciation for the month of December.

#7.

Post all of the adjusting entries to the T-accounts under the "T-Accounts (General Ledger)" tab.Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.