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Discuss adjusting entries were made in the journals

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Multi-step Income Statement and Adjusting Entries
Oregon Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31.

Cash $45,750
Accounts Receivable 92,000
Inventory 84,400
Prepaid Insurance 7,200
Office Supplies 4,800
Furniture & Fixtures 28,000
Accumulated Depreciation - Furn. & Fixtures 10,800
Delivery Equipment 70,000
Accumulated Depreciation - Delivery Equipment 24,400
Accounts Payable 69,400
Long-term Notes Payable 30,000
Income tax expense 12,000
Common Stock $125,000
Retained Earnings 42,000
Sales Revenue 1,165,000
Cost of Goods Sold 822,200
Utilities Expense 5,600
Sales Salaries Expense 108,000
Delivery Expense 36,800
Advertising Expense 28,200
Rent Expense 30,000
Office salaries expense 72,000

During the year, the accounting department prepared monthly statements but no adjusting entries were made in the journals and ledgers. Data for the year-end procedures are as follows:

1. Prepaid Insurance, December 31 $2,600
2. Depreciation Expense on furniture and fixtures for year 3,000
3. Depreciation Expense on delivery equip. for the year 10,000
4. Salaries Payable, December 31 ($2,000 Sales and $800 Office) 2,800
5. Office Supplies on hand, December 31 
 1,800

Reference no: EM131760528

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