Use the unadjusted trial balance of Electric Bike on December 31, 2020. Credit Debit $ 7,400 21,965 33,900 2,065 945 4,955 66,790 $ 12,955 7,300 159, 355 Cash Accounts receivable Merchandise inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense Totals 58,500 240 525,500 4,370 380,460 95,600 28,400 @ e $705,350 $705,350 Required: 1. Record adjusting entries for the following information a. The records show that the equipment was estimated to have a total estimated useful ife of 10 years with a residual value at the end of its life of $13,790 b. The balance in the Prepaid Insurance account was reviewed and it was determined that $340 was unused at December 31, 2020 C. A review of the store supplies on December 31, 2020, revealed a balance on hand of $1.790; a similar examination of the office supplies showed that $725 had been used d. Accrued salaries payable, $1,450. e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $33,170. a ELECTRIC BIKE Income Statement For Year Ended December 31, 2020 0 es: n A AVARRA Journal entry worksheet Record depreciation expense. Note: Enter debits before credits General Journal Debit Credit 5 Date Dec 31, 2020 View general Journal Clear entry Record entry 2012 ! Next > Kim works at a sports store and needs to determine the selling price for running shoes The running shoes have a cost of $190. The manager asked Kim to price the running shoes with a 60% target gross margin kim has priced the running shoes with a 60% markup percentage Required: 1 What selling price does the manager want? Selling price 2. What selling price has Kim calculated? Selling price 3. If there are 35 running shoes, how much will the store lose in sales if the price is not corrected? Loss in sales Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use a separate account for each receivable and payable: (Round your answers to the 2 decimal places.) October 1 Purchased merchandise from Zeon Company on credit, terms 1/10, n/30, $16,eee. 2 Sold merchandise for cash, $2,200. 7 Purchased merchandise on credit from Billings Co., terms 1/10, 1/30, $11,800, FOB the seller's factory. 7 Paid $470 cash for freight charges on the merchandise shipment of the previous transaction. & Purchased delivery equipment from Finlay Supplies on credit, $26,eee. 12 Sold merchandise on credit to Comry Holdings, terms 3/15, 2/3e, n/60, $6,eee. 13 Received a $1,600 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $640, n/30. 15 Sold merchandise on credit to Tom Willis, terms 1/10, 1/30, n/60, $4,758. 15 Paid for the merchandise purchased on October 7. 16 Received a credit memo for unsatisfactory office supplies purchased on October 13 and returned, $110. 19 Issued a $448 credit memo to the customer who purchased merchandise on October 15 and returned a portion for credit. 25 Received payment for the merchandise sold on October 15. 29 The customer of October 12 paid for the purchase of that date. 31 Paid for the merchandise purchased on October 1. View transaction list Journal entry worksheet