[aprilyaeger]

Download Big Ed's trial balance to begin preparing your adjusting and closing entries:

Big Ed's Motorcycle Shop Trial Balance
Following is the information you will need to make your adjusting entries:

Office equipment has a life of five years with no residual value.
Store equipment has a life of five years with no residual value.
Shop equipment has a life of ten years with no residual value (assume new equipment was purchased Jan. 1.)
A physical inventory of Merchandise Inventory, Parts revealed an actual balance of $97,000.
A physical inventory of Merchandise Inventory, Motorcycles revealed that the balance was accurate.
Office supplies in the amount of $1,500 were used throughout the year.
Salaries should be accrued as follows:
Sales - $3,000
Service - $5,000
Office - $1,500
Insurance in the amount of $1,200 was used throughout the year.
Interest on the Note Payable is 8% (assume new note was taken out on Jan. 1.)