Marco Products (A sole proprietorship) Products is in the process of elosing its books for the year ended December 31, 2016 thevn in order to determine the correct net income for the year Adjustments A. The allowance for bad debts is too large. it should be decreased by $8,000 C. A contract has been signed for a nevw tion expense has been overstated by $3,000. and the invoice has beern inventory was counted and costed out, it turned out to be $6,000 lower than the cost on the books E. The last payroll for the year will cover the period through 12/31/16 and wil be paid on 1/5/17 No entry to the books has been made for this yet. The gross payroll will be $7,000 Assignment: b. Post the portion of the adjusting entry relating to the income statement in the columns below to derive the proper net income for 2016 Adjusting Entries (AJEs) General ledger) Dr. Cr. Dr Cr. Sales 966,000 Cost of Goods Sold 614,000 168,000 Marketing Expense14,000 16,000 46,000 Bad Debt Expense Depreciation 858,000 966,000 Net Income for 2016 108,000