Question

a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Date 20Y6 May 31 May 31 May 31 May 31 May 31 May 31 May 31 Description Adjusting Entries Post. Ref. Debit Credit

          a. Inventory on May 31
$570,000
b. Insurance expired during the year
12,000
c. Store supplies on hand on May 31
4,000
d. Depreciation for the current year
14,000
e. Accrued salaries on May 31:
Sales salaries
$7,000
Office salaries
6,600
13,600
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold.
6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.
Date
20Y6
May 31
May 31
May 31
May 31
May 31
May 31
May 31
Description
Adjusting Entries
Post. Ref.
Debit
Credit

a. Inventory on May 31
570,000
b. Insurance expired during the year
12,000
c. Store supplies on hand on May 31
4,000
d. Depreciation for the current year
14,000
e. Accrued salaries on May 31:
Sales salaries7,000
Office salaries
6,600
13,600
f. The adjustment for customer returns and allowances is 60,000 for sales and35,000 for cost of goods sold.
6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.
Date
20Y6
May 31
May 31
May 31
May 31
May 31
May 31
May 31
Description
Adjusting Entries
Post. Ref.
Debit
Credit

Added by Lacey P.

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