These are all the adjustments needed:
a. Merchandise inventory, Dec.31 - 200,000
b. Inventory of office supplies as of Dec. 31 - 2000
c. Accrued Salaries as of Dec. 31 - 9000
d. Depreciation of Equipment - 10% per year
e. Expired insurance - 10,000
f. Income tax is 35% of income before tax
g. Transactions with shareholders during the year as as follows:
- Issued 1000 shares of ordinary shares of 25 per share
- Declared and distributed dividends of 80,000 during the year.
What I'm asking is this:
I already made adjustments from A to F but how about letter G? Do I have to
make one for it? Thanks. :) I accept a yes or no for an answer.