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Critical Thinking Problem 13.1 (Static) Year-End Processing LO 13-1, 13-2, 13-3, 13-4, 13-5, 13-6, 13-7...

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Critical Thinking Problem 13.1 (Static) Year-End Processing LO 13-1, 13-2, 13-3, 13-4, 13-5, 13-6, 13-7 Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December 31, 20X1, its general ledger contained the accounts and balances shown below: The data needed for the adjustments on December 31 are as follows: a.-b. Ending merchandise inventory, $67,850. c. Uncollectible accounts, 0.5 percent of net credit sales of $245,000. d. Supplies on hand December 31,$1,020. e. Expired insurance, $1,190. f. Depreciation Expense-Equipment, $5,600. g. Accrued interest expense on notes payable, $325. h. Accrued salaries, $2,100. i. Social Security Tax Payable (6.2 percent) and Medicare Tax Payable (1.45 percent) of accrued salaries. The following accounts had zero balances: Journal entry worksheet Prepare the closing entry for expenses and other debit items. Note: Enter debits before credits

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