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05-04-2024
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The August 31 trial balance for InBeat CD Shop is entered on the work sheet in your working papers. Listed below is the data needed to make the adjustments. In your working papers, complete the ten-column work sheet for InBeat CD Shop for the month ended August 31.
Data for Adjustments
Merchandise Inventory, August 31 $77,872
Supplies consumed during the period 2,171
Insurance premium expired during the period 489
Additional federal corporate income taxes owed 118

After the adjustments are entered on the work sheet, assess which expense account has the highest balance.

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