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ASSIGNMENT - 4 Information from the unadjusted trial balance of Electric Bike on December 31, 2020, the end of the annual accounting period, is as follows: Cash Accounts receivable Merchandise inventory Store supplies Office supplies Prepaid insurance Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Braeden Li, capital Braeden Li, withdrawals Interest income Sales Sales returns and allowances Cost of goods sold Salaries expense Rent expense Supplies expense Depreciation expense, equipment Insurance expense $ 16,400 45,530 69,400 4,930 1570 6,710 151,180 27,510 16,200 -0- 341,430 125,000 640 1,059,000 10,340 762,520 192,800 58,400 -0- -0- -0- Required 1. Prepare unadjusted Trial Balance 2. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a resale value at the end of its life of $29,180. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $520 was unused at December 31, 2020. c. A review of the store supplies on December 31, 2020, revealed a balance on hand of $4,060; a similar examination of the office supplies showed that $1290 had been used. d. Accrued salaries payable, $3,700 e. A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $67,780. 3. Using the above adjustments Prepare adjusted trial Balance. 4. Using adjusted trial balance numbers, prepare 1. income statement. 2. Owner's Equity statement. 3. Balance sheet.4 Closing Entries and 5. Post closing Trial Balance.

Information from the unadjusted trial balance of Electric Bike on December 31,2020 , the end of the annual accounting period, is as follows: Required 1. Prepare unadjusted Trial Balance 2. Record adjusting entries for the following information. a. The records show that the equipment was estimated to have a total estimated useful life of 10 years with a resale value at the end of its life of $29,180. b. The balance in the Prepaid Insurance account was reviewed and it was determined that $520 was unused at December 31,2020 . c. A review of the store supplies on December 31,2020 , revealed a balance on hand of $4,060; a similar examination of the office supplies showed that $1290 had been used. d. Accrued salaries payable, $3,700 e. A count of the merchandise inventory revealed a balance on hand December 31,2020 , of $67,780. 3. Using the above adjustments Prepare adjusted trial Balance. 4. Using adjusted trial balance numbers, prepare 1. income statement. 2. Owner's Equity statement. 3. Balance sheet.4 Closing Entries and 5. Post elosing Trial Balance

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