Additional data at July 31,2010: a) A physical count of items showed $1,500 of supplies on hand. b) An inventory count showed inventory on hand at July 31, 2010, of $68,400.

Extreme Adventures has the following account balances on July 31, 2010:
Accounts Payable……………………………………………………..$10,800
Accounts Receivable………………………………………………….11,600
Accumulated Amortization-Furniture……………………….32,300
Cash…………………………………………………………………………….4,200
Cost of Goods Sold……………………………………………………343,500
E.Buono, Capital……………………………………………………….201,000
E.Buono, Withdrawals……………………………………………….46,000
Equipment………………………………………………………………….90,000
Interest Earned…………………………………………………………….2,000
Inventory……………………………………………………………………71,500
Operating Expenses………………………………………………….177,500
Sales Discounts……………………………………………………………..5,150
Sales Returns and Allowances…………………………………….16,450
Sales Revenue……………………………………………………………522,600
Supplies…………………………………………………………………………7,300
Unearned Sales Revenue…………………………………………………4,500

Note: For simplicity, all operating expenses have been summarized in the account Operating Expenses.

Additional data at July 31,2010:
a) A physical count of items showed $1,500 of supplies on hand.
b) An inventory count showed inventory on hand at July 31, 2010, of $68,400.
c) The equipment has an estimated useful life of eight years and is expected to have no value at the end of its life.
d) Unearned sales revenue of $2,800 was earned by July 31,2010.

Required:
1. Record all adjustments and closing entries that would be required on July 31,2010.
2. Prepare the financial statements of Extreme Adventures for the year ended July 31,2010.

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