Chapter 6 bookkeeping

Adjustments are as follows:

A-B: physical inventory count at May 31 is $3,444.72

C: Supplies on hand $215

D: Insurance expired $300

E: Saleries accrued $460

F: Rent Urned $500

G: Depreciation on equipment: 200% declining balance method; salvage value $50; estimated useful life is 4 years. (Calculate depreciation for 1 month)

H: Percentage of credit sales method used for estimating uncollectable accounts: 2.5% of credit sales

Questions

1. Record the adjustments above, A-H and complete the worksheet

2. Journalize the adjusting entires

3. Create a multi step Income Statement, statement of Owners Equity, and Balance Sheet as of May 31st.

ustments ancl Income Statement Account Name Debit 3 Allowance for Doublful Accounts 4 Merchandisel s Prepaid Insurance 6 Supplies 57 Equpment Selaries Paysble 2011 Sales Tax P 2112 Unearned Rent 3 M Ross. Capital 4 is Sales 6 Sales Returns & Allowances 1s Freight In Selay Expense Expense 9900 worksheet i Adjusting Entries Income Statement | OE and BS | Ready- Type here to search