18 Mar Information from the December 31, 2014, year-end,
Information from the December 31, 2014, year-end, unadjusted trial balance of Woodstock Store is as follows: Required 1. Copy the unadjusted trial balance on a work sheet form and complete the work sheet using the following information: a. The balance on January 1, 2014, in the Store Supplies account was $480. During the year, $1,235 of store supplies were purchased and debited to the Store Supplies account. A physical count on December 31, 2014, shows an ending balance of $180. b. The balance on January 1, 2014, in the Office Supplies account was $50. Office supplies of $595 were bought in 2014 and added to the Office Supplies account. An examination of the office supplies at year-end revealed that $590 had been used. c. The balance in the Prepaid Insurance account represents a policy purchased on September 1, 2014; it was valid for 12 months from that date. d. The store equipment was originally estimated to have a useful life of 12 years and a residual value of $3,615. e. When the office equipment was purchased, it was estimated that it would last four years and have no residual value. f. Ending merchandise inventory, $29,000. 2. Journalize closing entries for the store. Use page 10 for your journal. 3. Open a balance column Merchandise Inventory account (110) and enter a December 31, 2013, balance of $31,400. Then post those portions of the closing entries that affect the account.
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