P3.10.
(adjusting and Closing)
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Presented below is the December 31 trial balance of New York
Boutique.
NEW YORK BOUTIQUE
TrialBalance
December31
Debit
Credit
Cash
18,500?$
Accounts
Receivable
32,000
Allowance
for Doubtful Accounts
?700???$
Inventory,
December 31
80,000
Prepaid
Insurance
5,100
Equipment
84,000
Accumulated
DepreciationâEquipment
35,000
Notes
Payable
28,000
Common
Stock
80,600
Retained
Earnings
10,000
Sales
Revenue
600,000
Cost
of Goods Sold
408,000
Salaries
and Wages Expense (sales)
50,000
Advertising
Expense
6,700
Salaries
and Wages Expense (administrative)
65,000
Supplies
Expense
5,000
$754,300
$754,300
Instructions
(a)
Construct
T-accounts and enter the balances shown.
(b)
Prepare
adjusting journal entries for the following and post to the T-accounts.
(Omit explanations.) Open additional T-accounts as necessary. (The books
are closed yearly on December 31.)
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1.
Bad
debt expense is estimated to be $1,400.
2.
Equipment
is depreciated based on a 7-year life (no salvage value).
3.
Insurance
expired during the year $2,550.
4.
Interest
accrued on notes payable $3,360.
5.
Sales
salaries and wages earned but not paid $2,400.
6.
Advertising
paid in advance $700.
7.
Office
supplies on hand $1,500, charged to Supplies Expense when purchased.
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(c)
Prepare
closing entries and post to the accounts.
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