Required:

The unadjusted trial balance has been entered on a $10-$column end$-$of$-$period spreadsheet

$($work sheet$)$ for you. Complete the spreadsheet using the following adjustment data

Amount

$$96,200$

a Physcial inventory count on June $30$

b Store supplies used during the month.

c Insurance expired during the Month

d Depreciation for the current month

e Accrued salaries on June $30$:

Sales salaries

Office salaries

Total

f The adjustment for customer returns and allowances is $$4,500$ for sales with $$2,600$ in related cost of goods sold.

g The Company uses the percent of credit sales method of estimated uncollectible

accounts expense. Based on past history and industry averages, $1\%$ of credit sales are

expected to be uncollectible. For this part of the scenario, assume all sales are credit sales.

Journalize the adjusting entries. Post the adjusting entries to the general Ledger

Prepare a multiple$-$step income statement.

Prepare a statement of stockholders' equity.

Prepare a balance sheet. Report receivables net of the allowance as demonstrated on page $428$ of the text.

Journalize the closing entries. Then post the closing entries to the general ledger.

Prepare a post$-$closing trial balance. $($bonus points$)$