HOW DO I MAKE AN ADJUSTIMENT TABLE GIVIN THE INFORMATION THAT I HAVE ATTACHED ? Sandhill Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted AdjustedAccounts Payable $25,900 $25,900 Notes payable $35,000 $35,000Accounts Receivable 31,000 31,000 Owner’s Capital 85,100 85,100Accumulated Depr.—Equipment 34,000 45,000 Owner’s Drawings 10,000 10,000Cash 26,000 26,000 Prepaid Insurance 10,400 3,200Cost of Goods Sold 504,500 504,500 Property Tax Expense 2,500Freight-Out 6,000 6,000 Property Taxes Payable 2,500Equipment 146,000 146,000 Rent Expense 15,000 15,000Depreciation Expense 11,000 Salaries and Wages Expense 96,000 96,000Insurance Expense 7,200 Sales Revenue 720,000 720,000Interest Expense 6,100 6,100 Sales Commissions Expense 6,500 11,000Interest Revenue 2,000 2,000 Sales Commissions Payable 4,500Inventory 28,000 28,000 Sales Returns and Allowances 8,000 8,000 Utilities Expense Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do notindent manually.)DateAccount Titles and ExplanationDebitCreditNov. 30(To adjust depreciation on equipment)Nov. 30(To adjust insurance expense)Nov. 30(To adjust property tax expense)Nov. 30(To adjust sales commissions expense)

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Answered: HOW DO I MAKE AN ADJUSTIMENT TABLE…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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HOW DO I MAKE AN ADJUSTIMENT TABLE GIVIN THE INFORMATION THAT I HAVE ATTACHED ?

Sandhill Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances.

	Unadjusted	Adjusted		Unadjusted	Adjusted
Accounts Payable	$25,900	$25,900	Notes payable	$35,000	$35,000
Accounts Receivable	31,000	31,000	Owner’s Capital	85,100	85,100
Accumulated Depr.—Equipment	34,000	45,000	Owner’s Drawings	10,000	10,000
Cash	26,000	26,000	Prepaid Insurance	10,400	3,200
Cost of Goods Sold	504,500	504,500	Property Tax Expense		2,500
Freight-Out	6,000	6,000	Property Taxes Payable		2,500
Equipment	146,000	146,000	Rent Expense	15,000	15,000
Depreciation Expense		11,000	Salaries and Wages Expense	96,000	96,000
Insurance Expense		7,200	Sales Revenue	720,000	720,000
Interest Expense	6,100	6,100	Sales Commissions Expense	6,500	11,000
Interest Revenue	2,000	2,000	Sales Commissions Payable		4,500
Inventory	28,000	28,000	Sales Returns and Allowances	8,000	8,000
			Utilities Expense

Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Nov. 30
(To adjust depreciation on equipment)
Nov. 30
(To adjust insurance expense)
Nov. 30
(To adjust property tax expense)
Nov. 30
(To adjust sales commissions expense)

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