Required:

1. Record adjusting entries for the following information.

a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end 0.5 points skpped of its life of $14,990.

1. The balance in the Prepaid Insurance account was reviewed and it was determined that $280 was unused at December 31, 2023.
2. A review of the store supplies on December 31, 2023, revealed a balance on hand of $2,150; a similar examination of the office supplies showed that $665 had been used.
3. Accrued salaries payable, $2,050.
4. A count of the merchandise inventory revealed a balance on hand December 31, 2023, of $34,250.

2. Prepare a multiple-step income statement showing the expenses in detail.

Required: 1. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $14,990. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $280 was unused at December 31,2023. c. A review of the store supplies on December 31, 2023, revealed a balance on hand of $2,150; a similar examination of the office supplies showed that $665 had been used. d. Accrued salaries payable, $2,050. e. A count of the merchandise inventory revealed a balance on hand December 31,2023 , of $34,250. Journal entry worksheet Note: Enter debits before credits. 2. Prepare a multiple-step income statement showing the expenses in detail Required: 1. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a residual value at the end of its life of $14,990. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $280 was unused at December 31,2023. c. A review of the store supplies on December 31, 2023, revealed a balance on hand of $2,150; a similar examination of the office supplies showed that $665 had been used. d. Accrued salaries payable, $2,050. e. A count of the merchandise inventory revealed a balance on hand December 31,2023 , of $34,250. Journal entry worksheet Note: Enter debits before credits. 2. Prepare a multiple-step income statement showing the expenses in detail