Complete the Adjustments columns, identifying each adjustment with its corresponding letter and completed the spreadsheet.

Question

Preparation of Adjustments on a Spreadsheet for a Merchandising Business: Periodic Method The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown in the End-of-Period Spreadsheet. Year-end adjustment information: (a, b) A physical count shows that merchandise inventory costing $84,000 is on hand as of December 31, 20--. (c, d, e) Young estimates that customers will be granted $5,700 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $4,300. (f) Supplies remaining at the end of the year, $3,300. (g) Unexpired insurance on December 31, $3,800. (h) Depreciation expense on the building for 20--, $11,500. (i) Depreciation expense on the store equipment for 20--, $6,500. (j) Unearned rent revenue as of December 31, $4,600. (k) Wages earned but not paid as of December 31, $3,400.

Answer 1

Question

Chapter 14, Problem 12SPB

1 & 2

To determine

Complete the Adjustments columns, identifying each adjustment with its corresponding letter and completed the spreadsheet.

3.

To determine

Enter the adjustments in a general journal.

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