The trial balance for the Seaside Kite Shop, a business ow
Question and Solution
The trial balance for the Seaside Kite Shop, a business owned by Joyce Kennington, is shown on page 548. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing $30,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c) Supplies remaining at the end of the year, $2,700. (d) Unexpired insurance on December 31, $2,900. (e) Depreciation expense on the building for 20--, $5,000. (f) Depreciation expense on the store equipment for 20--, $3,200. (g) Unearned rent revenue as of December 31, $2,200. (h) Wages earned but not paid as of December 31, $900. 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.