1 + GL0403 (Algo) - Based on Problem 4-5A LO C1, P3 The fiscal year-end unadjusted trial balance for Strods Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Strods Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $3,150. b. Expired insurance, an administrative expense, for the fiscal year is $1,960. c. Depreciation expense on store equipment, a selling expense, is $6,700 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step 15 Single Step 15 Balance Sheet Ratios General Journal tab Prepare any necessary adjusting entries. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a classified balance sheet. Ratio tab Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Check General Requirement Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entrie View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $3,150. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal < Prev 10 of 11 Next > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 Expired insurance, an administrative expense, for the fiscal year is $1,960. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal Prev 10 of 11 Next Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing e View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Depreciation expense on store equipment, a selling expense, is $6,700 for the fiscal year. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal < < Prev 10 of 11 Next > General Requirement Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries View transaction list Journal entry worksheet < 1 2 3 5 6 7 8 To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal < Prev 10 of 11 Next > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entri View transaction list Journal entry worksheet < 2 6 7 Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal < Prev 10 of 11 Next > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 7 8 Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit < Prev 10 of 11 Next > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entr View transaction list Journal entry worksheet < 1 2 3 Record the entry to close income summary. Note: Enter debits before credits. Date Jan 31 6 8 Account Title Debit Credit Record entry Clear entry View general journal < Prev 10 of 11 Next > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entrie View transaction list Journal entry worksheet < 2 3 5 6 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date Jan 31 Account Title Debit Credit Record entry Clear entry View general journal < Prev 10 of 11 Next > 14 tv STVE