The following trial balance before adjustments is for

Snowcrest Ltd #3666

The following trial balance before adjustments is for Snowcrest Ltd on December 31, 2011:Data
for adjusting entries:1. As of December 31, 2011, 80% of the commissions that had been paid in
advance to the salespeople had been earned.2. A count of the office supplies at the end of the
year revealed that $600 of supplies were still on hand.3. Depreciation on the equipment for
2011 was $1,000.4. The deposits from customers were advance payments for future deliveries
of goods. By December 31, 2011, two-thirds of these deliveries had been made.5. The bank
loan was a six-month loan taken out on October 1, 2011. The interest rate on the loan is 9%,
but the interest is not due to be paid until the note is repaid on March 1, 2012.6. Office salaries
owed at year end and not yet recorded were $500.7. The rent expense figure includes $600
paid in advance for January 2012.8. Income tax for the year should be calculated using a tax
rate of 25%.Required:Prepare the adjusting entries for the year 2011.View Solution:
The following trial balance before adjustments is for Snowcrest Ltd

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