The inventory account of Olympic Sports Wear is as follows. Merchandise invento

The inventory account of Olympic Sports Wear is as follows. Merchandise inventory account balance $75000
Physical inventory $71500 Instruction:
Prepare the adjustment journal entry. Part 2 (6 points):
The information relating to the inventory of Olympic Sports Wear is as follows: Merchandise inventory accounts balance $75000
Physical inventory $98200 Instruction:
Prepare the adjustment journal entry. Part 3 (6 points):
Olympic Sports Wear furnishes the following information: On January 1 2006 the supplies account has $7200 balance
During the year supplies are purchased for $5000
On December 31 2005 the supplies account has a closing balance of $2200. Instruction:
Prepare the adjusting journal entry. Part 4 (6 points):
Olympic Sports Wear furnishes the following information: An insurance policy is purchased on December 1 2005 for three months (December through February). The premium amount for the quarterly period is $1500.
The clerk debited the Prepaid Insurance account for $1500.
At the end of the account year (on March 31 2006) only one month cost $500 has expired. The value of the unexpired insurance is $1000. Instruction:
Prepare the adjusting journal entries for the Prepaid Insurance Account. Part 5 (6 points):
Olympic Sports Wear estimates its Annual Federal Income tax as $10000. It has paid the tax in four installments of $2500 each. However at the end of the year
the actual tax amount is $11200. Therefore the company needs to pay $1200 to the government. Instruction:
Prepare the adjusting journal entry.