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UOP ACC 421 Problem - NEW YORK BOUTIQUE..................

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Question;P3.10.(adjusting and Closing)4567PresentedbelowistheDecember31trialbalanceofNewYorkBoutique.NEW YORK BOUTIQUETrial BalanceDecember 31DebitCashCredit18,500$32,000700$80,0005,10084,000AccumulatedDepreciationEquipment35,000NotesPayable28,000CommonStock80,600RetainedEarnings10,000SalesRevenue600,000408,00050,0006,70065,0005,000$754,300$754,300AccountsReceivableAllowanceforDoubtfulAccountsInventory,December31PrepaidInsuranceEquipmentCostofGoodsSoldSalariesandWagesExpense(sales)AdvertisingExpenseSalariesandWagesExpense(administrative)SuppliesExpenseInstructions(a)ConstructTaccountsandenterthebalancesshown.(b)PrepareadjustingjournalentriesforthefollowingandposttotheTaccounts.(Omitexplanations.)OpenadditionalTaccountsasnecessary.(ThebooksareclosedyearlyonDecember31.)1. Baddebtexpenseisestimatedtobe$1,400.2. Equipmentisdepreciatedbasedona7yearlife(nosalvagevalue).3. Insuranceexpiredduringtheyear$2,550.4. Interestaccruedonnotespayable$3,360.5. Salessalariesandwagesearnedbutnotpaid$2,400.6. Advertisingpaidinadvance$700.7. Officesuppliesonhand$1,500,chargedtoSuppliesExpensewhenpurchased.(c)Prepareclosingentriesandposttotheaccounts.

 

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