Business, 04.04.2020 08:13 aidananderson

At the end of May, the following adjustment data were assembled:

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 the cost of merchandise sold.

Required:
Journalize the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.

Answers: 2

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At the end of May, the following adjustment data were assembled:

a. Inventory on May 31...

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