Prepare the adjusting entries for these accounts

You need to set your own assumptions in order to adjust the accounts. Those assumptions should be in consistency with your trial balance. Example The trial balance is showing the following balance for Store Supplies": Cr Store Supplies Dr 5,500 Your assumption could be formulated as follows: 1- Store Supplies: An inventory count at the end of the year reveals that $1,800 of supplies are still on hand. So the cost of supplies used = 5,500-1,800=3,700 Adjusting entry for supplies: Dr: Supplies Expense 3,700 Cr: Store Supplies 3,700 Due date: April 20, 2021 or before The trial balance of Sigma Corporation contained the following accounts at December 31, 2021, the end of the company's fiscal year. Sigma Corporation Trial Balance December 31, 2021 Debit Credit Cash $55,700 Accounts Receivable 40,400 Allowance for Doubtful Accounts $ 1,700 Notes Receivable 12,500 Merchandise Inventory 45,000 Store Supplies 5,500 Prepaid Insurance 8,200 Store Equipment 86,000 Accumulated Depreciation Store Equipment 21,000 Delivery Equipment 48,000 Accumulated Depreciation - Delivery Equipment 7,000 Notes Payable 68,200 Accounts Payable 50,500 Share Capital Ordinary 90,000 Retained Earnings 40,600 Dividends 24,300 Sales 781,000 Sales Returns and Allowances 5,200 Cost of Goods Sold 496,000 Salaries Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Repair Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 Totals $1,060,000 $1,060,000 Instructions 1. Prepare the adjusting entries for these accounts: - Store supplies (Supplies expense) - Accumulated Depreciation Store Equipment - Accumulated Depreciation Delivery Equipment - Allowance for doubtful accounts (Bad debt expense) - Note receivable (Interest revenue) - Note payable (Interest payable) - Salaries expense - Insurance Expense - COGS You need to set your own assumptions in order to adjust the accounts. Those assumptions should be in consistency with your trial balance. Example The trial balance is showing the following balance for Store Supplies": Cr Store Supplies Dr 5,500 Your assumption could be formulated as follows: 1- Store Supplies: An inventory count at the end of the year reveals that $1,800 of supplies are still on hand. So the cost of supplies used = 5,500-1,800=3,700 Adjusting entry for supplies: Dr: Supplies Expense 3,700 Cr: Store Supplies 3,700 Due date: April 20, 2021 or before The trial balance of Sigma Corporation contained the following accounts at December 31, 2021, the end of the company's fiscal year. Sigma Corporation Trial Balance December 31, 2021 Debit Credit Cash $55,700 Accounts Receivable 40,400 Allowance for Doubtful Accounts $ 1,700 Notes Receivable 12,500 Merchandise Inventory 45,000 Store Supplies 5,500 Prepaid Insurance 8,200 Store Equipment 86,000 Accumulated Depreciation Store Equipment 21,000 Delivery Equipment 48,000 Accumulated Depreciation - Delivery Equipment 7,000 Notes Payable 68,200 Accounts Payable 50,500 Share Capital Ordinary 90,000 Retained Earnings 40,600 Dividends 24,300 Sales 781,000 Sales Returns and Allowances 5,200 Cost of Goods Sold 496,000 Salaries Expense 140,000 Advertising Expense 26,400 Utilities Expense 14,000 Repair Expense 12,100 Delivery Expense 16,700 Rent Expense 24,000 Totals $1,060,000 $1,060,000 Instructions 1. Prepare the adjusting entries for these accounts: - Store supplies (Supplies expense) - Accumulated Depreciation Store Equipment - Accumulated Depreciation Delivery Equipment - Allowance for doubtful accounts (Bad debt expense) - Note receivable (Interest revenue) - Note payable (Interest payable) - Salaries expense - Insurance Expense - COGS