Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Programs Plus is a retail firm that selis computer programs for home and business use. Programs Plus operates in a state with no sales tax

image text in transcribed
image text in transcribed
Programs Plus is a retail firm that selis computer programs for home and business use. Programs Plus operates in a state with no sales tax On December 31, 20x1, its general ledger contained the accounts and balances shown below. The date needed for the adjustments on December 31 are as follows o.b. Ending merchandise inventory. $69350 c. Uncollectibie accounts, 0.5 percent of net credit sales of 5260.000 d. Supplies on hand December 31,51770 e. Fxpmed insurance, 32.690 t. Deprecintion Expense-Eqwipment, 31400 Q. Accrued inserest expense on notes payable, 51.1225 n. Accrued tolanes, 1500 1. Social Security Tox Payabie i6.2 percent and Medicare Tax Payable it.45 percent of accived salanes. The followng accourth had zero bakances: - Sacarles payodie - interesi payobie - Miciome Staminary , Supplies txpense - Insurance txpense - Depreciation Experse - Equapment - Uncolieciari Accounts fipence

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Manufacturing And Service Applications

Authors: Arnold Schneider, Harold M. Sollenberger

4th Edition

0759350426, 978-0759350427

More Books

Students also viewed these Accounting questions

Question

Example of algorithm

Answered: 1 week ago