The fiscal year-end unadjusted trial balance for Wright Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Wright Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2021, follow. a. Store supplies still available at fiscal year-end amount to $2,650. b. Expired insurance, an administrative expense, for the fiscal year is $1.760. 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 $11,000 of inventory is still available at fiscal year-end ces Requirement General Joumal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For tions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 1 2 3 5 6 7 8 Stare supplies still available at fiscal year-end amount to $2,650. Hau ycuicu. General Journal Requirement General Ledger Trial Balance Multiple Step Single Step Is Balance 5 IS Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance te income statement. Rent expense and salaries expense are equally divided between selli general and administrative activities. Unadjusted Wright Company Income Statement For Year Ended January 31, 202+ ces A 0 OO Net sales O 0 Gross profit 0 0 Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance She Prepare a classified balance sheet as of January 31, 2017. Unadjusted Wright Company Balance Sheet January 31, 2021 Assets Current Assets 0 . 0 O o 0 0 Plant assets S ol 0 0 Total assets Liabilities and Equity Llabilities 1 0 Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Compute the following ratios as of January 31, 2020. Round each ratlo to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Grows margin ratio Balance sheet snow less Unadjusted Dates: Jan 31 to: Jan 31 Wright Company Trial Balance January 31, 2017 Account Title Debit Credit $ 13.750 11.700 7,950 2.800 67,000 2 Cash Merchandise Inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip Accounts payable J. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowance Cost of goods sold Sala Rent exponse Advertising expenso Total 30,150 13,600 41,000 6,200 130,000 3,900 4.100 39,000 34,000 13.600 10.750 214,750 $ 5 214,750 The fiscal year-end unadjusted trial balance for Wright Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Wright Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2021, follow. a. Store supplies still available at fiscal year-end amount to $2,650. b. Expired insurance, an administrative expense, for the fiscal year is $1.760. 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 $11,000 of inventory is still available at fiscal year-end ces Requirement General Joumal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For tions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 1 2 3 5 6 7 8 Stare supplies still available at fiscal year-end amount to $2,650. Hau ycuicu. General Journal Requirement General Ledger Trial Balance Multiple Step Single Step Is Balance 5 IS Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance te income statement. Rent expense and salaries expense are equally divided between selli general and administrative activities. Unadjusted Wright Company Income Statement For Year Ended January 31, 202+ ces A 0 OO Net sales O 0 Gross profit 0 0 Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance She Prepare a classified balance sheet as of January 31, 2017. Unadjusted Wright Company Balance Sheet January 31, 2021 Assets Current Assets 0 . 0 O o 0 0 Plant assets S ol 0 0 Total assets Liabilities and Equity Llabilities 1 0 Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Compute the following ratios as of January 31, 2020. Round each ratlo to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Grows margin ratio Balance sheet snow less Unadjusted Dates: Jan 31 to: Jan 31 Wright Company Trial Balance January 31, 2017 Account Title Debit Credit $ 13.750 11.700 7,950 2.800 67,000 2 Cash Merchandise Inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip Accounts payable J. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowance Cost of goods sold Sala Rent exponse Advertising expenso Total 30,150 13,600 41,000 6,200 130,000 3,900 4.100 39,000 34,000 13.600 10.750 214,750 $ 5 214,750
