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table[[Merchandise inventory,33,600,],[Store supplies,1,915,],[office supplies,975,],[Prepaid insurance,5,255,],[Equipment,63,490,],[Accumulated depreciation, equipment, $12,655 ,],[Accounts payable,7,000,],[Salaries payable,0,],[Braeden Li, capital,154,765,],[Braeden Li, withdrawals,57,000,210],[Interest income,,524,000],[Sales,4,070,],[Sales returns and allowances,380,160,],[Cost of goods sold,95,300,],[Salaries expense,28,100,],[Rent expense,0,],[Supplies expense,0,],[Depreciation

\\\\table[[Merchandise inventory,33,600,],[Store supplies,1,915,],[office supplies,975,],[Prepaid insurance,5,255,],[Equipment,63,490,],[Accumulated depreciation, equipment,

$12,655

,],[Accounts payable,7,000,],[Salaries payable,0,],[Braeden Li, capital,154,765,],[Braeden Li, withdrawals,57,000,210],[Interest income,,524,000],[Sales,4,070,],[Sales returns and allowances,380,160,],[Cost of goods sold,95,300,],[Salaries expense,28,100,],[Rent expense,0,],[Supplies expense,0,],[Depreciation expense, equipment,

0_()

,],[Insurance expense,

$698,630_()

,

$698,630_()
image text in transcribed
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 of its life of $13,490. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $355 was unused c. A review of the store supplies on December 31,2023 , revealed a balance on hand of $1,700; a similar exan supplies showed that $740 had been used. d. Accrued salaries payable, $1,300. e. A count of the merchandise inventory revealed a balance on hand December 31,2023 , of $32,900

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