(Solution) - Information from the March 31 2014 year end unadjusted trial balance -(2025 Original AI-Free Solution)

Paper Details

Information from the March 31, 2014, year-end, unadjusted trial balance of The Online 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. Supplies inventory at year-end, $920.
b. The balance in the Prepaid Rent account represents a six-month contract effective November 1, 2013.
c. Depreciation on the store equipment, $1,600.
d. The useful life and trade-in value of the office equipment were originally estimated to be seven years and $250, respectively.
e. Ending merchandise inventory, $19,200.
2. Journalize closing entries for the store. Use page 14 for your journal.
3. Open a balance column Merchandise Inventory account (110) and enter the March 31, 2013, balance of $39,500. Then post those portions of the closing entries that affect the account.