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The accounts and their balances in the ledger of Z-Tech Trading on December 31, 2 AR are as follows: Sales $1,147,500 15,500 $31,165 Cash Sales
The accounts and their balances in the ledger of Z-Tech Trading on December 31, 2 AR are as follows: Sales $1,147,500 15,500 $31,165 Cash Sales Returns and Allowances 126,100 Accounts Receivable Sales Discounts 435,000 6,000 601.200 Inventory Control Prepaid Insurance Store Supplies Office Supplies Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Unearned Rent Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Equipment Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense 10,600 3,750 1,700 86,400 29,450 225,000 40,300 72.000 1,885 60,000 30,000 7.200 66,700 Insurance Expense Depreciation Expense Office Equipment Office Supplies Expense Miscellaneous Administrative Expense Rent Revenue Interest Expense 1,200 Bank Loan (final payment due 2013) GH Goh, Capital GH Goh, Drawing Profit and Loss Summary 195,000 332,100 50,000 1,650 12.600 423 The data needed for year-end adjustments on December 31 are as follows: Physical inventory on December 31 Insurance expired during the year Supplies on hand on December 31: Store supplies Office supplies Depreciation for the year Store equipment Office equipment Salaries payable on December 31: Sales salaries Office salaries $418,500 6,000 1,500 700 8,500 4,500 $3,450 6,000 2,550 400 Unearned rent on December 31 Instructions 1. Jounalise the adjusting entries 2. Prepare a statement of comprehensive income 3. Prepare a statement of financial position, assuming that the current portion of the bank loan is $35,000. Journalise the closing entries U 16 X
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