ces GL0403 (Algo) Based on Problem 4-5A LO A1, P3, P4 The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 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 Single Step 1S Balance Sheet Ratios The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less A Unadjusted Dates: January 31 to: January 31 Nguyen Company Trial Balance < Prev 2 of 2 Next > Chec 444 Nguyen Company Trial Balance January 31, 2021 Account Title Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances: Cost of goods sold Salaries expense Rent expense Advertising expense Total Debit Credit $ 21,400 12,600 9,600 3,200 68,000 30,600 15,800 10,800 35,700 5,400 D 141,000 4,200 4,400 42,000 37,000 14,800 11,300 233,900 $ 233,900 General Ledger Multiple Step IS > General Journal tab - Prepare any necessary adjusting entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. 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. Unadjusted Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable Common stock. 44 Retained earnings Dividends Sales Sales discounts Sales retums and allowances Cost of goods sold Salaries expense Rent expense Advertising expense Total Account Title Nguyen Company Trial Balance January 31, 2021 Dates: January 31 to: January 31 Debit Credit $ 21,400 12,600 9,600 3,200 68,000 30,600 15,800 10,800 35,700 5,400 141,000 4,200 4,400 42,000 37,000 14,800 11,300 $ 233,900 $ 233,900