Here are the accounts in the ledger of Misha s Jewel

Here are the accounts in the ledger of Misha’s Jewel Box, with the balances as of December
31, the end of its fiscal year. Cash ....................... $ 13,242Accounts Receivable ................
3,984Merchandise Inventory ............... 126,540Supplies ..................... 2,484Prepaid Insurance
................. 2,655Land 18,000 Building ................ 97,000Accumulated Depreciation, Building
........... 38,240Store Equipment ................... 46,170Accumulated Depreciation, Store Equipment
....... 16,250Accounts Payable ................. 8,270Sales Tax Payable ................. 2,371Mortgage
Payable ................. 77,871M. Beloit, Capital ................. 185,000M. Beloit, Drawing .................
48,000Sales ...................... $ 379,354Sales Returns and Allowances ............ 3,892Cost of
Goods Sold ................ 279,198Salary Expense .................. 54,400Advertising Expense
................. 3,526Utilities Expense ................. 2,538Property Tax Expense ...............
1,162Miscellaneous Expense ............... 1,613Interest Expense ................. 2,952Here are the
data for the adjustments. Assume that Misha’s Jewel Box uses the perpetual inventory system.
a. Merchandise Inventory at December 31, $ 124,630. b. Insurance expired during the year, $
1,294. c. Depreciation of building, $ 3,300. d. Depreciation of store equipment, $ 6,470. e.
Salaries accrued at December 31, $ 2,470. f. Store supplies inventory (on hand) at December
31, $ 1,959. 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: Here are the accounts in the ledger of Misha s Jewel
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