a-b. Merchandise Inventory, before adjustment, has a balance of 7,000. the newly

Question

a-b. Merchandise Inventory, before adjustment, has a balance of 7,000. the newly countrd inventory balance is 7,500. Week 4 Assignment Help Save & Exit Submit a-b. Merchandise Inventory, before adjustment, has a balance of $7,000. The newly counted inventory baelance is $7.500 c. Unearned Seminar Fees has a balance of $5,500, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019 d. Prepaid Insurance has a balance of $9,000 for six months insurance paid in advance on May 1, 2019 e. Store equipment costing $13,650 was purchased on March 31, 2019. It has a salvage value of $450 and a useful life of five years f. Employees have earned $200 that has not been paid at June 30, 2019 g. The employer owes the following taxes on wages not paid at June 30, 2019 SUTA, $600, FUTA, $120, Medicare, $2 90, and social security, $12.40 h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $1,500,000 i. Prepaid Rent has a balance of $5,850 for six months rent paid in advance on March 1. 2019 j. The Supplies account in the general ledger has a balance of $350. A count of supplies on hand at June 30, 2019, indicated $125 of supplies remain k. The company borrowed $19,200 from First Bank on June 1, 2019, and issued a four-month note. The note bears interest at 9 percent Required: Prev 1 of 2 Next Insert Delele 2 6 8 0 0 G H KL

Explanation / Answer

Sl No. Account Debit Credit a. Trading a/c 7000 Opening stock 7000 (Adjustment for beginning inventory) b. Closing stock 7500 Trading a/c 7500 (Adjustment for closing inventory)

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