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ASAP Additional information: There is $750 of supplies on hand on December 31, 2014. 2. The one-year insurance policy was purchased on March 1, 2014.
ASAP Additional information:
There is $750 of supplies on hand on December 31, 2014.
2. The one-year insurance policy was purchased on March 1, 2014.
3. Depreciation expense for the year is $10,000 for the equipment and $4,500 for the furniture.
4. Accrued interest expense at December 31, 2014, is $675.
5. Uneamed revenue of $975 is still uneamed at December 31, 2014. On the sales that were earned, cost of goods sold was $1,750.
6. A physical count of merchandise inventory indicates $32,750 on hand on December 31, 2014.
7. Of the mortgage payable, $8,500 is to be paid in 2015.
S. Seok Kim invested $5,000 cash in the business on July 19,2014.
9. Last year, the company had a gross profit margin of 35%, and profit margin of 10%.
Instructions
(a) Prepare the adjusting journal entries assuming they are prepared annually
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