Question

Prepare the adjusting entries as of December 31 for each of these situations a. The Store Supplies unadjusted trial balance amount was $1300. A physical count of store supplies showed 5350 remaining b. Two salespeople earn a salary of $225 per day and are paid weekly on the following Monday, December 31 falls on Tuesday c. The inventory unadjusted trial balance amount was $124,000. A physical count of inventory showed 5118.250 on hand. d. An administrative assistant gets paid weekly at a rate of 516 per hour. Paychecks are given every Monday for last weeks work. She worked 16 hours the last week in December e. Annual depreciation on store fixtures is $2100, f. Annual depreciation on office equipment is $1750. Date Description Debit Credit a) Dec 31 b) Dec 31 Dec 31 d) Dec 31 e) Dec 31 Dec 31 Points possible: 1 empt 1 of 2 T

Answer 1

Date	Account Tittle	Debit	Credit
a.	Supplies Expense	$950.00
	Supplies( 1300-350)		$950.00
b.	Salaries Expense	$225.00
	Salary Payable		$225.00
c.	Shortage in Inventory	$5,750.00
	Inventory ( 124000-118250)		$5,750.00
d.	Salries Expense (16X 16)	$256.00
	Salalry Payable		$256.00
e.	Depreciation Expense	$2,100.00
	Accumulated Depreciation-Fixtures		$2,100.00
f	Depreciation Expense	$1,750.00
	Accumulated Depreciation-Office Equipment		$1,750.00