The accounts in the ledger of Markey s Mountain Shop with

The accounts in the ledger of Markey’s Mountain Shop with the balances as of December 31,
the end of its fiscal year, are as follows: Cash ........................ $ 12,840Accounts Receivable
................ 3,242Merchandise Inventory ............... 137,757Store Supplies ....................
1,530Prepaid Insurance .................. 2,845Land ....................... 22,000Building .....................
86,000Accumulated Depreciation, Building ........... 36,940Store Equipment ...................
54,952Accumulated Depreciation, Store Equipment ...... 13,348Notes Payable ...................
10,500Accounts Payable ................. 18,540Sales Tax Payable ................. $ 5,706B. Markey,
Capital ................. 171,000B. Markey, Drawing ................. 52,000Sales ......................
458,905Sales Returns and Allowances ............ 7,590Cost of Goods Sold ................
265,315Salary Expense .................. 52,973Advertising Expense ................. 6,288Utilities
Expense .................. 7,355Property Tax Expense ............... 800Miscellaneous Expense
................ 775Interest Expense .................. 677Data for the adjustments are as follows.
Assume that Markey’s Mountain Shop uses the perpetual inventory system. a. Merchandise
Inventory at December 31, $ 140,357. b. Store supplies inventory (on hand) at December 31, $
540. c. Depreciation of building, $ 3,400.d. Depreciation of store equipment, $ 3,800. e. Salaries
accrued at December 31, $ 1,250. f. Insurance expired during the year, $ 1,480. Required 1.
Complete the work sheet after entering the account names and balances onto the work sheet.
2. Journalize the adjusting entries on journal page 63.View Solution: The accounts in the ledger
of Markey s Mountain Shop with
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