Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). Description Debit Credit Date Dec. 31 b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Date Description Det Credit Dec. 31 c. Prepaid insurance expired during the year, $22,820. Date Description Debit Credit Dec 31 d. Office supplies used during the year, $3,920. Date Description Debit Credit Dec. 31 e. Depreciation is computed as follows: Asset Buildings Office Store Residual Acquisition Useful Life Depreciation Cost Value Date in Years Method used 3900.000 302 Double-clinice 246,000 25,000 Manuary 112,000 12.000 1 10 Straighine Description bebis Credit Date Dec 31 1. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for 8 years. Date Description Debit Credit Dec. 31 g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. Date Description Debit Credit Dec. 31 h. Vacation pay expense for December, $10,500. Date Description Debit Credit Dec. 31 i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Date Description Debit Credit Dec. 31 j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Multiple-choice answers for each line Line 1: Accounts Payable Accounts Receivable Allowance for doubtful accounts bad debt expense no entry required Line 2: Accounts Payable Accounts Receivable Allowance for doubtful accounts bad debt expense no entry required b. Line 1: Accounts Receivable Cash short and over Cost of goods sold Inventory No entry required Line 2: Cash short and over Cost of goods sold Inventory No entry required Sales c Line 1: Accounts Payable Cash Insurance Expense No entry required Prepaid Insurance Line 2: Accounts Payable Cash Insurance Expense No entry required Prepaid Insurance d. Line 1: Cash No entry required Office Equipment Office supplies Office supplies expense Line 2: Accounts Payable No entry required Office equipment Office supplies Office supplies expense Line 1: Accumulated depreciation-buildings Buildings Buildings expense Depreciation expense-buildings No entry required Line 2: Accumulated depreciation -office equipment Depreciation expense-office equipment No entry required Office equipment Office equipment expense Line 3: Accumulated depreciation-store equipment Depreciation expense-store equipment No entry required store equipment Store equipment expense Line 4: Accumulated depreciation buildings Buildings Buildings-expense Depreciation expense-buildings No entry required Line 5: Accumulated depreciation -office equipment Depreciation expense-office equipment No entry required Office equipment Office equipment expense Line 6: Accumulated depreciation-store equipment Depreciation expense-store equipment No entry required store equipment store equipment expense f. Line 1: Amortization expense-patents Cash Depreciation expense-patents No entry required Patents Line 2: Amortization expense-patents Cash Depreciation expense patents No entry required Patents Line 1: Accumulated depletion Depletion expense Inventory Mineral rights expense No entry required Line 2: Accumulated depletion Depletion expense Inventory Mineral rights expense No entry required h. Line 1: No entry required Office salaries expense Salaries payable Vacation pay expense Vacation pay payable Line 2: No entry required Salaries payable Sales salaries expense Vacation pay expense Vacation pay payable i. Line 1: Cash No entry required Product warranty expense Product warranty payable Sales Line 2: Cash No entry required Product warranty expense Product warranty payable Sales Line 1: Interest payable Interest receivable Interest revenue No entry required Prepaid interest Line 2: Interest payable Interest receivable Interest revenue No entry required Prepaid interest