Correcting the wrong answers:

Preparing Adjusting Entries, Financial Statements, and Closing Entries Fischer Card Shop is a small retail shop. Fischer's balance sheet at year-end 2014 is as follows. The following information details transactions and adjustments that occurred during 2015 1. Sales total $145,850 in 2015; all sales were cash sales. 2. Inventory purchases total $76,200 in 2015; at December 31, 2015, inventory totals $14,500. Assume all purchases are made on account. 3. Accounts payable totals $4,100 at December 31, 2015. 4. Annual store rent for $24,000 and was paid on March 1, 2015, covering the next 12 months. The balance in prepaid rent at December 31, 2014, was the balance remaining from the advance rent payment in 2014. 5. Wages are paid every other week on Friday, during 2015, Fischer paid $12,500 cash for wages. At December 31, 2015, Fischer owed employees unpaid and unrecorded wages of $350. 6. Depreciation on equipment totals $1,700 in 2015