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130 selected account balances from the december 31 2015 trial balance of the gracy c 4313990

130.Selected account balances from the December 31, 2015, trial balance of the Gracy Company are listed below:

	Debit	Credit
Inventory, January 1, 2015	$12,500
Purchases	25,000
Salaries Expense	5,000
Rent Expense	3,250
General and Administrative Expenses	2,500
Sales		$61,000
Dividends Declared	3,500

In addition, the following information is available:

·	Thecost of the ending inventory at December 31, 2015, is $7,500.
·	$890 of salaries have accrued as of December 31.
·	On March 30, Gracy purchased a month insurance policy for $240. The purchase was debited to Prepaid Insurance.
·	On December 1, the company paid 2 months' rent in advance. The $1500 payment was debited to Rent Expense.
·	In December, a customer paid $1,000 in advance for merchandise that will be shipped by Gracy in 2016. The amount received was credited to Sales.
·	Gracy estimates its bad debts to be 1% of sales (after all adjustments).
·	The income tax rate is 30%.

Gracy Company uses a periodic inventory system.

Required:

Using a general journal format, prepare the required adjusting entries.

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130 selected account balances from the december 31 2015 trial balance of the gracy c 4313990

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