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Excalibur Corporation sells video games for personal computers The unadjusted trial balance as of December 31, 2016. appears below December 31 is the company's fiscal
Excalibur Corporation sells video games for personal computers The unadjusted trial balance as of December 31, 2016. appears below December 31 is the company's fiscal year-end The company uses the perpetual inventory system Information necessary to prepare the year-end adjusting entries appears below The office equipment was purchased in 2014 and is being depreciated using the straight-line method over an nine-year useful life with no salvage value Accrued salaries and wages at year-end should be $5.100 The company borrowed $34.000 on September 1, 2016 The principal is due to be repaid in 12 years Interest is payable twice a year on each August 31 and February 28 at an annual rate of 12% The company debits supplies expense when supplies are purchased Supplies on hand at year-end cost $540 Prepaid rent at year-end should be $1, 400 Required: Prepare the necessary December 31. 2016. adjusting entries
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