u must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). Description Debit Credit fill in the blank 2 fill in the blank 4 b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Description Debit Credit fill in the blank 6 fill in the blank 8
Comprehensive Problem 3
Part 4:
Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem.
Based on the following selected data, journalize the
For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank.
a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 2 | ||
| fill in the blank 4 |
b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 6 | ||
| fill in the blank 8 |
c. Prepaid insurance expired during the year, $22,820.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 10 | ||
| fill in the blank 12 |
d. Office supplies used during the year, $3,920.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 14 | ||
| fill in the blank 16 |
e.
| Asset | Cost | Residual Value |
Acquisition Date |
Useful Life in Years |
Depreciation Method Used |
|
| Buildings | $900,000 | $0 | January 2 | 50 | Double-declining-balance | |
| Office Equip. | 246,000 | 26,000 | January 3 | 5 | Straight-line | |
| Store Equip. | 112,000 | 12,000 | July 1 | 10 | Straight-line |
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 18 | fill in the blank 19 | |
| fill in the blank 21 | fill in the blank 22 | |
| fill in the blank 24 | fill in the blank 25 | |
| fill in the blank 27 | fill in the blank 28 | |
| fill in the blank 30 | fill in the blank 31 | |
| fill in the blank 33 | fill in the blank 34 |
f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 36 | ||
| fill in the blank 38 |
g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 40 | ||
| fill in the blank 42 |
h. Vacation pay expense for December, $10,500.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 44 | ||
| fill in the blank 46 |
i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 48 | ||
| fill in the blank 50 |
j. Interest was accrued on the note receivable received on October 17. Assume 360 days per year.
| Description | Debit | Credit |
|---|---|---|
| fill in the blank 52 | ||
| fill in the blank 54 |
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