Part 1: The inventory account of Olympic Sports Wear is as follows. Instruction:

Question

Part 1:
The inventory account of Olympic Sports Wear is as follows.

Instruction:
Prepare the adjustment journal entry.

Part 2:
The information relating to the inventory of Olympic Sports Wear is as follows:

Instruction:
Prepare the adjustment journal entry.

Part 3:
Olympic Sports Wear furnishes the following information:

Instruction:
Prepare the adjusting journal entry.

Part 4:
Olympic Sports Wear furnishes the following information:

Instruction:
Prepare the adjusting journal entries for the Prepaid Insurance Account.

Part 5:
Olympic Sports Wear estimates its Annual Federal Income tax as $10,000. It has paid the tax in four installments of $2,500 each. However, at the end of the year, the actual tax amount is $11,200.

Therefore, the company needs to pay $1,200 to the government.

Explanation / Answer

Part 1: The inventory account of Olympic Sports Wear is as follows. Instruction:

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