The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firms preliminary trial balance contained the accounts and balances below.

ADJUSTMENTS:

A. The amount recorded as prepaid advertising represents $840 paid on September 1, 20X1, for 12 months of advertising.

B. The amount of supplies on hand at December 31 was $70.

C. Depreciation on store equipment was $2,975 for 20X1.

D. Depreciation on office equipment was $850 for 20X1.

E. Unearned Seminar Fees represent $8,000 received on November 1, 20X1, for five seminars. At December 31, four of these seminars had been conducted.

F. Wages owed but not paid at December 31 were $600.

G. On December 31, 20X1, the firm owed the employers social security tax ($37.20) and Medicare tax ($8.70).

H. The note payable bears interest at 6 percent per annum. One months interest is owed at December 31, 20X1.

1. Enter the adjustments above in the Adjustments section of the worksheet.

2. Complete the worksheet.

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