Prepare journal entries for any required accounting

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Reference no: EM131021960

The unadjusted trial balance of Pepe’s Pizza for fiscal 2012, includes the following items:

	Debit	Credit
Inventory	$47,800
Wages payable		$ 800
Prepaid insurance	3,800
Taxes payable		0

Your analysis reveals additional information as follows:

The cost of inventory items on hand is $23,200.

Employee wages for the two weeks prior to year end were $7,800 and these will not be paid until the 2013 fiscal year (no other wages are owed).

The unexpired portion of the company’s insurance policy at year end was $4,600.

The company’s tax accountant reports that the company will owe $54,000 for income taxes for fiscal 2012.

Prepare journal entries for any required accounting adjustments.

Reference no: EM131021960

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