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LCD ABEL.CURO Emphasis Heading AaBbcce HdD AaBbccdc498.CD Subtitle Title No Spac. Subtle Em Normal Strong aragraph Styles The Unadjusted Trial Balance columns of the partial worksheet which follows the exam includes the activity for 2020 but does not include any adjusting entries. The following information is given to you for the purpose of making year end adjusting entries. The tax rate for the current and prior periods is 30% You may need to add accounts to the worksheet, space is provided for that purpose. Add any new accounts in the approximately correct location. Please number your worksheet adjustments to correspond with the information below. Operating expenses such as insurance, advertising wages and maintenance are included in a single "operating expense account. Here is the adjustment information: 1. Prepaid expenses include a one-year insurance contract in the amount of $1,800 paid in July of 2020. It covers the period August 1, 2020 to July 31, 2021 2. A computer repair for $2,000 was made in December 2019, but the bill was not received until February of 2020 at which time it was recorded as an expense. 3. The equipment was purchased on Jan. 1. 2018 and is depreciated on a straight-line basis over 10 years with a $15,000 salvage value 4. Bad debts expense was recorded each month as a percent of sales and several accounts were written off during the year. A year end aging schedule requires an allowance of $4,000 5. You received product that was shipped to you in December of 2020. It was purchased on credit The manufacturer has given you a price reduction of $500 due to surface blemishes. The bill has not yet been paid 6. The ending inventory is valued at $22,000 Prepare the cost of goods sold account 7. The Accounts Payable includes a bill for 5,000 Euros that was recorded as a purchase when the cost of a Euro was $135. The bill remains unpaid at the end of the year On Dec 31, 2020, a Euro can be purchased for $1.42. 8. Dividends in the amount of $10,000 were declared on Dec 31, 2020 but will not be paid until January 2021. No entry has been recorded. Required: Complete the attached worksheet. Enter the adjustments and key them to agree with the information number. Add any accounts you need in the appropriate location. Calculate and enter the balances for the adjusted trial balance. Complete the income statement and retained earings Make no adjustments directly to beginning retained earnings, use nominal accounts for any adjustments to retained earnings. O Intant Page Layout Form Data Rev M AT Telwut you want to do xo na Copy An ww Merge Alam mal 5. Cum Fotogale Dory Sys 13 11 Version 1 Austed TB Dec 31, 2020 De Income statement 2020 DI CH Relined Earnings Dec 31, 2020 DF Cash Accounts receivable Allowance for bad debts Inventory Prepaid Expenses Equipment Accumulated depreciation Accounts payable income tax payable C 01 F 0 NoLC Shoe Red Unded TB Adustment Dec 31, 2020 DI CI Or CE 79,800 60.000 2.800 36,500 13200 215.000 40.000 42000 4.000 Common stock Retained earnings 1/1/19 20.000 183.000 Sales teven 480,300 1 Purchases 256.000 4000 3.000 103,000 6,000 5 Frecht in Purchase returns 7 Operating experies 9 Freight out Depreciation expense Baddott expense Exchange Gainions Provision for tax Totals 5 4.340 777900177900 17 * WS Type here to search BI DELL