“Presented below is the December 31 trial balance of Cassini Studios. Cassini Studios, Trial Balance, December 31, 2008.Debit Credit: Cash ……. $ 14,800, Accounts Receivable ….. 33,600, Inventory, January 1 …… 62,400, Furniture and Equipment ….. 67,200, Prepaid Insurance …. 4,080, Purchases …. 320,000, Sales Salaries Expense ….. 40,000, Advertising Expense …. 5,360, Administrative Salaries Expense …. 52,000, Office Expense ….. 4,000, $603,440. Credit: Allowances for Doubtful Accounts ….. $ 2,160, Accumulated Depreciation–Furniture and Equipment ….. 26,880, Notes Payable ….. 22,400, Cassini, Capital ….. 72,000, Sales …. 480,000, $603,440. (1) Prepare adjusting journal entries for the following items: (a) Adjust the Allowance for Doubtful Accounts to 8 percent of the accounts receivable. (b) Furniture and equipment is depreciated at 20 percent per year. (c) Insurance expired during the year, $2,040.(d) Interest accrued on notes payable, $2,688. (e) Sales salaries earned but not paid, $1,920. (f) Advertising paid in advance, $560. (g) Office supplies on hand, $1,200, charged to Office Expense when purchased.
Question: “Presented below is the December 31 trial balance of Cassini Studios.Cassini Studios, Trial Balance, December 31, 2008.Debit Credit: Cash ……. $ 14,800, Accounts Receivable…
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