Adjusting entries.The unadjusted trial balance for GLP Corporation appears on the next pag...

Adjusting entries.The unadjusted trial balance for GLP Corporation appears on the next page.

End-of-period analysis revealed the following:

a. The market value of equipment had decreased by 30 percent of its original cost. Depreciation for the quarter totaled $1,000.

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b. The note payable was signed on August 1, 20x4. Its interest rate was 10 percent, and no interest had been recorded since the signing.

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c. Unpaid employee wages at September 30 totaled $1,000.

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d. Deferred fees represented a consulting contract signed at the beginning of September. The contract’s duration is three months, and the work is spread evenly throughout the contract period.

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e. Supplies on hand totaled $150.

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f. The market value of capital stock had increased by 15 percent.

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g. Actual bad debt write-of s during September were $300; 1 percent of sales will likely become uncollectible in the coming period.

	GLP CORPORATION Trial Balance September 30, 20×4
	Debit	Credit
Cash	$ 6,000
Accounts receivable	2,500
Allowance for bad debts		$ 200
Inventory	4,500
Supplies	800
Equipment	15,000
Accumulated depreciation—equipment		10,000
Accounts payable		1,200
Notes payable		6,000
Deferred fees		900
Capital stock		7,000
Additional paid-in capital		8,000
Retained earnings		11,000
Sales		16,000
Cost of goods sold	13,500
Advertising expense	5,000
Wages expense	12,000
Miscellaneous expense	1,000
Totals	$60,300	$60,300

Prepare the required adjusting entries based on the preceding information. Then, prepare an adjusted trial balance.