Question 4. First picture question

made by Kornett Company 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubeful Accounts at December 31 was $2,000 (debit). b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. c. Prepaid insurance expired during the year, $22,820 d. Office supplies used during the year, $3,920 e. Depreciation is computed as follows Residual Acquisition Useful Life Date Depreciation Methed Used in YearS Cost Value lanuary 2 Asset Buildings Office Equip 246,000 26,000 January 3 Store Equip 112,000 12,000July f. A pa Double-declining balance Straight-line Straight-line 50 $900,000 sOJanuary 2 10 tent costing $48,000 when acquired on January 2 has a remaining legal life of ons 10 years and is expected to have value for eight years g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 of ore, 50,000 tons were mined and sold during the year h. Vacation pay expense for December, S10,500 i A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1.900,000 in Decembe rar i Interest was accrued on the note recelvable received on October 17