following adjusting entries are needed for Paint Palette Store at sa 31, 2024. 1. To enter the following adjusting entries, select Accountant me Make General Journal Entries 2. ADJ1: The store fixtures cost of $5,000 will be depreciated over a 10-year useful life with no salvage value. Depreciation expense is $42 per month 3. ADJ2: The paint mixing equipment cost of $4,000 will be depreci- over a 5-year useful life with no salvage value. Depreciation expense is $67 per month. 4. ADJ3: The computer paint color match equipment cost of $1,000 will be depreciated over a four-year useful life with no salvage value. Depreciation expense is $21 per month. 5. ADJ4: A count of supplies on hand at the end of January totaled $400. The Supplies on Hand account balance before adjustment is $600, so Supplies on Hand (Account 12500) should be decreased by $200. An adjusting entry is required to transfer $200 from the Supplies on Hand account to the Supplies Expense account. So the adjusting entry will increase (debit) Supplies Expense (Account 64800) by $200, and decrease (credit) Supplies on Hand (Account 12500) by $200. 6. ADJ5: Interest on the notes payable balance is 1 percent per month, The adjusting entry to record interest expense for January 2024 and the liability for interest payable is $10. To record this adjustment, add Other Current Liability account: Account No. 21000 Interest Payable. 7. From the Report Center, export to Excel or print the adjusting journal entries for Paint Palette Store for January 31, 2024 E13.6.4 Adjusted Trial Balance An Adjusted Trial Balance is simply a Trial Balance printed after adjusting entries are recorded. Create an Adiusted Trial Balance for Paint Palette Store at January 31 2024 after adjusting entries are entered. 1. Export to Excel or print an Adjusted Trial Balance at January 31 2024 (Report Center > Accountant & Taxes > Adjusted Trial Balance 2 On the Adiusted Trial Balance, highlight amounts affected by the following adjusting entries are needed for Paint Palette Store at sa 31, 2024. 1. To enter the following adjusting entries, select Accountant me Make General Journal Entries 2. ADJ1: The store fixtures cost of $5,000 will be depreciated over a 10-year useful life with no salvage value. Depreciation expense is $42 per month 3. ADJ2: The paint mixing equipment cost of $4,000 will be depreci- over a 5-year useful life with no salvage value. Depreciation expense is $67 per month. 4. ADJ3: The computer paint color match equipment cost of $1,000 will be depreciated over a four-year useful life with no salvage value. Depreciation expense is $21 per month. 5. ADJ4: A count of supplies on hand at the end of January totaled $400. The Supplies on Hand account balance before adjustment is $600, so Supplies on Hand (Account 12500) should be decreased by $200. An adjusting entry is required to transfer $200 from the Supplies on Hand account to the Supplies Expense account. So the adjusting entry will increase (debit) Supplies Expense (Account 64800) by $200, and decrease (credit) Supplies on Hand (Account 12500) by $200. 6. ADJ5: Interest on the notes payable balance is 1 percent per month, The adjusting entry to record interest expense for January 2024 and the liability for interest payable is $10. To record this adjustment, add Other Current Liability account: Account No. 21000 Interest Payable. 7. From the Report Center, export to Excel or print the adjusting journal entries for Paint Palette Store for January 31, 2024 E13.6.4 Adjusted Trial Balance An Adjusted Trial Balance is simply a Trial Balance printed after adjusting entries are recorded. Create an Adiusted Trial Balance for Paint Palette Store at January 31 2024 after adjusting entries are entered. 1. Export to Excel or print an Adjusted Trial Balance at January 31 2024 (Report Center > Accountant & Taxes > Adjusted Trial Balance 2 On the Adiusted Trial Balance, highlight amounts affected by the
