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ADJUSTING ENTRIES HELP!!! I have done this whole project, but I need help with the adjusting entries. I know the trial balance is correct up
ADJUSTING ENTRIES HELP!!!
I have done this whole project, but I need help with the adjusting entries. I know the trial balance is correct up to this point (before adjusting entries), and I'm pretty sure those are the totals we need to do the adjusting entries? Let me know if more information is needed.
Ruled forms are provided for the trial balance, schedules, and financial statements. A work sheet is provided, and its use is optional. The heading, with the exception of the date line, is printed on each form. Also, all general ledger account titles are printed on the work sheet. 1. Prepare schedules of accounts receivable and accounts payable, and compare the totals with the balances of the controlling accounts in the general ledger. 2. Prepare a trial balance at April 30. (Completing the work sheet is optional.) 3. Make necessary adjustments. Record adjusting entries on page 6 of the general journal. Adjustment data are as follows a) Inventory per physical count, April 30$208,554.75 b) Office supplies on hand at April 301,600.00 c) Store supplies on hand at April 30. id Insurance: Transfer 1/12 of the premium paid on April 2 to expense. Depreciation for the month: 1,250.00 2,475.00 g) Interest earned on note receivable...30.00 e) Equipment t Building.. h) Accrued salaries at April 30: Sales salaris Office salari... 1,200.00 500.00 Record the estimate of customer returns of this month's sales: i) Customer refunds 4,470.00 (debit Sales, credit Customer Refunds Payable) j) Returns inventory. 3,190.00 (debit Estimated Returns Inventory, credit Cost of Goods Sold) O 2018 Cangage. May not be scanned, copied or duplicated, or pestod to a publicly accessible website, in whole or in partStep by Step Solution
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