Refer to the data and information in Problem 5-5B. In
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Refer to the data and information in Problem 5-5B. In Problem 5-5B The following unadjusted trial balance is prepared
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Refer to the data and information in Problem 5-5B. In Problem 5-5B The following unadjusted trial balance is prepared at fiscal year-end for Foster Products Company. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Foster Products Company uses a perpetual inventory system. a. Store supplies still available at fiscal year-end amount to $3,700. b. Expired insurance, an administrative expense, for the fiscal year is $2,800. c. Depreciation expense on store equipment, a selling expense, is $3,000 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $21,300 of inventory is still available at fiscal year-end. Required Prepare and complete the entire 10-column work sheet for Foster Products Company. Follow the structure of Exhibit 5B.1 in Appendix 5B.
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