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
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
