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The trial balance of Sigma Corporation contained the following accounts at June 3 0 , 2 0 2 3 , the end of the company's
The trial balance of Sigma Corporation contained the following accounts at June the end of the
company's fiscal year.Instructions
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:
Store Supplies: An inventory count at the end of the year reveals that $ of supplies are still on hand.
DrCrStore SuppliesSo the cost of supplies used Adjusting entry for supplies:
Dr: Supplies Expense Cr: Store Supplies
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