Reference no: EM132465880

The trial balance of Sheridan Company contained the following accounts at November 30, the end of the company's fiscal year.

Sheridan Company Trial Balance  November 30, 2020

                                                        Debit              Credit

Cash                                        $ 8,800

Accounts Receivable                 30,800

Inventory                                 43,800

Supplies                                       6,000

Equipment                                  131,000

Accumulated Depreciation-Equipment                   $ 26,000

Notes Payable                             50,000

Accounts Payable                                                55,700

Common Stock                                                     40,000

Retained Earnings                                                  40,000

Dividends                                                              10,000

Sales Revenue                                                       755,200

Sales Returns and Allowances             8,900

Cost of Goods Sold                         497,000

Salaries and Wages Expense               140,000

Advertising Expense                                                        24,400

Utilities Expense                                 14,000

Maintenance and Repairs Expense           11,800

Freight-Out                                                                        16,800

Rent Expense                                      23,600

Totals                                               $966,900                     $966,900

Adjustment data:

point 1. Supplies on hand totaled $2,100.2.Depreciation is $11,500 on the equipment.3.Interest of $4,000 is accrued on notes payable at November 30.4.Inventory actually on hand is $43,200.

Question 1: How do I journalize the adjusting entries?