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E3-4, Adjusting Entries. Please I need the answer step by step in Excel, including the tables. Not written by hand or pics. Adjusting Entries Your
E3-4, Adjusting Entries. Please I need the answer step by step in Excel, including the tables. Not written by hand or pics.
Adjusting Entries Your examination of Sullivan Company's records provides the following information for the 5 December 31 , yeaf-end adjustments: 1. Bad debts are to be recorded at 2% of sales. Sales made on credit totaled $25,000 for the year. 2. Salaries at year-end that have accumulated but have not been paid total $1,400. 3. Annual straight-line depreciation for the company's cquipment is based on a cost of $30,000, an cstimated life of 8 years, and an estimated residual valuc of $2,000. 4. Prepaid insurance in the amount of $800 has expired. 5. Interest that has been carned but not collected tosals $500. 6. The company has satisfied performance obligations entitling it to rent in the amount of $1,000, 7. Interest on a note payable that has accumulated but has noe been paid totals $600. 8. The income tax rate is 30% on current income and is payable in the first quarter of the next year. The pretax income before the preceding adjusting entrics is $6,800. Recuired: Prepare the adjusting entries to record the preceding informationStep by Step Solution
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