Exercise 2-20 (Algo) Worksheet [Appendix 2A] [The following information applies to the questions displayed below.] The...

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Exercise 2-20 (Algo) Worksheet [Appendix 2A] [The following information applies to the questions displayed below.] The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Debits $ 64,210 25,250 Credits 3,400 38,750 78,000 $ 23,400 27,000 0 100,000 Retained earnings Sales revenue Cost of goods sold Depreciation expense Salaries expense Rent expense Utilities expense Advertising expense Totals 20,500 403,000 241,800 80,600 20,400 0 16,120 5,378 $573,900 $ 573,900 The following year-end adjusting entries are required: a. Depreciation expense for the year on the equipment is $7,800. b. Salaries at year-end should be accrued in the amount of $5,240. Exercise 2-20 (Algo) Worksheet [Appendix 2A] [The following information applies to the questions displayed below.] The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Debits $ 64,210 25,250 Credits 3,400 38,750 78,000 $ 23,400 27,000 0 100,000 Retained earnings Sales revenue Cost of goods sold Depreciation expense Salaries expense Rent expense Utilities expense Advertising expense Totals 20,500 403,000 241,800 80,600 20,400 0 16,120 5,378 $573,900 $ 573,900 The following year-end adjusting entries are required: a. Depreciation expense for the year on the equipment is $7,800. b. Salaries at year-end should be accrued in the amount of $5,240.