TJ’s Specialty Shop PART 1 (Year 20-1)
19th Edition and 20th Edition
Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledger, Part 1 Solution
At the end of the year, the following adjustments (a)-(g) need to be made:
(a, b) Merchandise inventory as of December 31, $19,700. $19,700.
(c) Unused supplies on hand, $525.
(d) Unexpired insurance on December 31, $1,000.
(e) Depreciation expense on the building for the year, $800.
(f) Depreciation expense on the store equipment for the year, $450.
(g) Wages earned but not paid as of December 31, $330.