The following accounts appear in the ledger of The Shirer P.0.1,2,4,5 Company on January 31, the end of this fiscal year:

The data needed for adjustments on January 31 are as follows;
a-b. Merchandise inventory, January 31, $53,400

c. Store supplies inventory, January 31, $390

d. Insurance expired for the year, $615

e. Depreciation for the year, $6,395

f. Accrued wages on January 31, $1,270 Instructions 1. Prepare a work sheet for the fiscal year ended January 31.
2. Prepare an income statement.
3. Prepare a statement of owner’s equity. No additional investments were made.
4. Prepare a balance sheet.
5. Journalize the adjusting entries.
6. Journalize the closing entries.
7. Journalize the reversing entry.
Check Figure Net loss, $130 Instructions for General Ledger Software 1. Record the adjusting entries in the general journal and print a copy of the entries.
2. Post the general journal amounts to the general ledger.
3. Print an adjusted trial balance and the general ledger after adjustments.
4. Print the income statement, statement of owner’s equity, and balance sheet.
5. Record the closing entries' in the general journal and print a copy of the entries.
6. Post the general journal amounts to the general ledger.
7. Print a post-closing trial balance.
8. Record the reversing entry in the general journal at the beginning of the next month.

Transcribed Image Text:

Cash Accounts Receivable Merchandise Inventory Store Supplies $ 5,400 14,100 55,500 690