Accounting

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Big Ed’s Motorcycle Shop is nearing the fiscal year-end. You have been asked to prepare the adjusting and closing entries to prepare the books for the 2008 year-end.

 

Download Big Ed’s trial balance to begin preparing your adjusting and closing entries:

Following is the information you will need to make your adjusting entries:

  1. Office equipment has a life of five years with no residual value.
  2. Store equipment has a life of five years with no residual value.
  3. Shop equipment has a life of ten years with no residual value (assume new equipment was purchased Jan. 1.)
  4. A physical inventory of Merchandise Inventory, Parts revealed an actual balance of $97,000.
  5. A physical inventory of Merchandise Inventory, Motorcycles revealed that the balance was accurate.
  6. Office supplies in the amount of $1,500 were used throughout the year.
  7. Salaries should be accrued as follows:
    1. Sales – $3,000
    2. Service – $5,000
    3. Office – $1,500
  8. Insurance in the amount of $1,200 was used throughout the year.
  9. Interest on the Note Payable is 8% (assume new note was taken out on Jan. 1.)

 

Once you have completed the adjusting entries, prepare your closing entries. 

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