ACCT 201 Extra Credit Assignment
End of Period Adjustments
1		supplies at the end of December were $19,551
2		purchased $10,540 worth of inventory with $2,540 cash down payment
3		total cash payments for wages in December were $16,210
4		at the end of the month, $779 in wages were earned but not yet paid
5		account for depreciation expense -- equipment for December
6		account for depreciation expense -- furniture for December
7		the note payable is 6.0% and the term is for 3 years; account for one
		additional month's expense to be paid at maturity
8		account for one additional month of rent paid for in cash
9		account for one additional month of insurance expense
10		sales for December were $45,630 for merchandise that cost $18,718;
		40% of those sales were paid for in cash, the balance were credit sales
Requirements
1		prepare the adjusting entries
2		apply the above adjustments to the unadjusted trial balance on the worksheet
3		complete the worksheet and prepare the financial statements
4		prepare the closing entries
5		prepare the post closing trial balance
		each of the above requirements is worth 4 points for a total of 20 points
		Note:	no assets were added or disposed of during the year
			no recurring expenses changed throughout the year