The trial balance of Sigma Corporation contained the following accounts at June $30,2023,$ the end of the

company's fiscal year.Instructions

$1-$ Prepare the adjusting entries for these accounts: $-$ Store supplies $($Supplies expense$)$

$-$ Accumulated Depreciation $$ Store Equipment

$-$ Accumulated Depreciation $$ Delivery Equipment

$-$ Allowance for doubtful accounts $($Bad debt expense$)-$ Note receivable $($Interest revenue$)$

$-$ Note payable $($Interest expense$)$

$-$ Salaries expense

$-$ Insurance Expense

$-$ COGS

You need to set your own assumptions in order to adjust the accounts. Those assumptions should be in consistency with your trial balance.$$Example

The trial balance is showing the following balance for $$Store Supplies$$:

Your assumption could be formulated as follows:

$1-$ Store Supplies: An inventory count at the end of the year reveals that $ $800$ of supplies are still on hand.

$$Dr$$Cr$$Store Supplies$4,000$So the cost of supplies used $=4,000-800=3,200$ Adjusting entry for supplies:

Dr: Supplies Expense $3,200$ Cr: Store Supplies

$3,200$