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Information from the unadiusted 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 pavable

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

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

Insurance expense. 0

Required

1.

2.

Prepare unadjusted Trial Balance

Record adjusting entries for the following information.

a,

b.

The records show that the equipment was estimated to have a total estimated useful life of 10 wears with a resale value at the end of its life of $29,180.

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, di

Accrued salaries pavable. $3.700

e.

3.

A count of the merchandise inventory revealed a balance on hand December 31, 2020, of $67,780.

Using the above adjustments Prepare adjusted trial Balance

4 Using adjusted trial balance numbers, prepare a multiple-step income statement

Answer & Explanation Solved by verified expert

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