(SOLVED)- The balances of the ledger accounts of Pelango Furniture as


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The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Cash ………………….. $ 12,482Accounts Receivable ……………. 38,962Merchandise Inventory …………… 118,628Supplies ………………… 1,850Prepaid Insurance ……………… 2,488Store Equipment ………………. 32,824Accumulated Depreciation, Store Equipment ……. 26,420Office Equipment …………….. 11,236Accumulated Depreciation, Office Equipment …… 3,410Notes Payable ………………… 6,000Accounts Payable ……………… 23,420Unearned Rent ………………. 3,150L. Pelango, Capital …………….. 120,532L. Pelango, Drawing ……………… 28,000Sales …………………… 647,090Sales Returns and Allowances ………….. 8,848Purchases ………………… 519,374Purchases Returns and Allowances ………. 12,440Purchases Discounts ……………. 8,634Freight In ………………… 22,824Wages Expense ……………… 52,800Interest Expense ………………. 780Data for the adjustments are as follows: a– b. Merchandise Inventory at December 31, $ 104,565. c. Wages accrued at December 31, $ 934. d. Supplies inventory (on hand) at December 31, $ 755. e. Depreciation of store equipment, $ 4,982. f. Depreciation of office equipment, $ 1,531. g. Insurance expired during the year, $ 935. h. Rent earned, $ 2,450. 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 16.

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