15-M Mastery Problem: Journalizing adjusting entries and preparing an adjusted trial balance LO2, 3, 4, 6, 7, 8, 9 Page 16 of a general journal, a partially completed adjusted trial balance, and selected general ledger accounts for Winterland Rentals are given in the Working Papers. Instructions: 1. Use the following information collected on December 31 to prepare the adjusting entries. $ 1,200.00 a. Estimate of uncollectible accounts receivable b. Merchandise inventory 55,830.00 1,090.00 c. Office supplies inventory 870.00 d. Store supplies inventory 3,000.00 e. Value of prepaid insurance f Note receivable, 90-day, 6% note, dated November 21 9. Estimate of office equipment depreciation 3,600.00 h. Estimate of store equipment depreciation 12,950.00 2. Post the adjusting entries in the general ledger. 3. Record all account balances, except for Federal Income Tax Expense, on an adjusted trial balance. 4. Using the tax table shown in this chapter, calculate the federal income tax owed for the fiscal year. 5. Journalize and post the adjusting entry for federal income tax payable. 6. Complete the adjusted trial balance. 7. Total, prove, and rule the adjusted trial balance. Sage 50 Accounting QB AAONLINE 1. Journalize and post adjusting 1. Journalize and post adjusting 1. Use the required formulas to 1. Go to www.cengage.com/login entries to the general journal. entries to the journal calculate the totals of the Trial 2. Click on AA Online to access. 2. Make the selections to print the income 2. Make the selections to print the Balance columns. 3. Go to the online assignment and statement and the balance sheet. balance sheet and the profit and 2. Key the adjusting entries in the 3. Make the selections to print the follow the instructions loss statement Adjustments columns general journal and the adjusted 3. Make the selections to print the 3. Create the appropriate formulas to trial balance Journal and the adjusted trial balance. extend amounts to the Adjusted Trial Balance columns 466 Chapter 15 Preparing Adjusting Entries and a Trial Balance