Chapter 3, Problem 4R

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Adjustment information is as follows:

1. a. Supplies on hand as of June 30, 2013, $450.
2. b. Insurance premiums that expired during the year, $2,420.
3. c. Depreciation on equipment during the year, $1,500.
4. d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
5. e. Salaries accrued but not paid at June 30, 2013, $1,440.
6. f. Merchandise inventory on June 30, 2013, $68,864.

You discover that your boss has mistakenly provided you with the wrong information on two of the adjusting entries. Expired insurance premiums should have been $3,420, and unpaid salaries should have been $2,440. Make the corrections on your worksheet and save the corrected file as P2WORK4. Reprint the worksheet.