The trial balance for Oregon Bike Company, a business owne
Question and Solution
The trial balance for Oregon Bike Company, a business owned by Craig Moody, is shown on page 556. Year-end adjustment information is provided below. (a and b) Merchandise inventory costing $26,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c) Supplies remaining at the end of the year, $2,500. (d) Unexpired insurance on December 31, $1,820. (e) Depreciation expense on the building for 20--, $6,400. (f) Depreciation expense on the store equipment for 20--, $2,800. (g) Unearned rent revenue as of December 31, $2,350. (h) Wages earned but not paid as of December 31, $1,100.
REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in a generaljournal.