Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Date Description Post. Ref. Debit Credit Adjusting Entries 20Y6 May 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 May 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 May 31 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 May 31 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 May 31 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 May 31 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 May 31 fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Comprehensive Problem 2
Part 4 and 6:

Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet.

4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6.

a.	Inventory on May 31		$570,000
b.	Insurance expired during the year		12,000
c.	Store supplies on hand on May 31		4,000
d.	Depreciation for the current year		14,000
e.	Accrued salaries on May 31:
	Sales salaries	$7,000
	Office salaries	6,600	13,600

f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold.

6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.

Date	Description	Debit	Credit
	Adjusting Entries
20Y6
May 31		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6

May 31		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12

May 31		fill in the blank 14	fill in the blank 15
		fill in the blank 17	fill in the blank 18

May 31		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24

May 31		fill in the blank 26	fill in the blank 27
		fill in the blank 29	fill in the blank 30
		fill in the blank 32	fill in the blank 33

May 31		fill in the blank 35	fill in the blank 36
		fill in the blank 38	fill in the blank 39

May 31		fill in the blank 41	fill in the blank 42
		fill in the blank 44	fill in the blank 45

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