Question

# Debit Credit 2019 (Adjustment a) Dec. 31 Uncollectible Accounts Expense 3,640.00 Allowance for Doubtful Accounts 3,640.00...

 Debit Credit 2019 (Adjustment a) Dec. 31 Uncollectible Accounts Expense 3,640.00 Allowance for Doubtful Accounts 3,640.00 To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales, \$728,000 (Adjustment b) 31 Supplies Expense 5,000.00 Supplies 5,000.00 To record supplies used during the year (Adjustment c) 31 Insurance Expense 1,440.00 Prepaid Insurance 1,440.00 To record expired insurance on 1-year \$5,760 policy purchased on Oct. 1 (Adjustment d) 31 Depreciation. Exp.—Store Equipment 14,600.00 Accum. Depreciation—Store Equip. 14,600.00 To record depreciation (Adjustment e) 31 Salaries Expense—Office 3,100.00 Salaries Payable 3,100.00 To record accrued salaries for Dec. 29–31 (Adjustment f) 31 Payroll Taxes Expense 237.15 Social Security Tax Payable 192.20 Medicare Tax Payable 44.95 To record accrued payroll taxes on accrued salaries: social security, 6.2% × 3,100 = \$192.20; Medicare, 1.45% × 3,100 = \$44.95 (Adjustment g) 31 Interest Expense 230.00 Interest Payable 230.00 To record accrued interest on a 4-month, 6% trade note payable dated Nov. 1: \$23,000 × 0.06 × 2/12 = \$230.00 (Adjustment h) 31 Interest Receivable 220.00 Interest Income 220.00 To record interest earned on 6-month, 8% note receivable dated Oct. 1: \$8,800 × 0.10 × 3/12 = \$220.00

Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2020. (Record the entries in the order given. Round your answers to 2 decimal places.)

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