The following are adjusting entries and are NOT included in the trial balance.

Patent was awarded January 1 for software code. Legal life = 20 years; Estimated

useful life = 5 years. Record the adjusting entry.

(entry)

An aging schedule of A/R provides an estimated NRV of receivables of $58,090.

Record the adjusting entry.

(entry)

Omega pays their employees every other Friday. This bi-weekly payroll covers 10

days (M-F for two weeks). Payroll checks are written each payday for a total of $8,000.

This year, December 31 falls on the Wednesday immediately before payday. Record the

adjusting entry.

(entry)

Omega uses the periodic inventory method. Physical inventory revealed $79,150 of

merchandise in stock. Record the adjusting entry.

(entry)

During the physical count, it was found that $10,000 of merchandise was obsolete.

Record the adjusting entry.

(entry)

Insurance was paid December 1 for 1 year. Record the adjusting entry.

(entry)