Following is the unadjusted trial balance of Bens Jewelers on December 31, 20X1.

BENS JEWELERS Trial Balance December 31, 20X1
Cash	$	13,100		Dr.
Accounts Receivable		49,950		Dr.
Allowance for Doubtful Accounts		2,050		Cr.
Merchandise Inventory		105,950		Dr.
Store Supplies		4,280		Dr.
Office Supplies		3,000		Dr.
Store Equipment		113,640		Dr.
Accumulated DepreciationStore Equipment		13,060		Cr.
Office Equipment		27,690		Dr.
Accumulated DepreciationOffice Equipment		4,980		Cr.
Accounts Payable		4,440		Cr.
Salaries Payable
Social Security Tax Payable
Medicare Tax Payable
Federal Unemployment Tax Payable
State Unemployment Tax Payable
Ben Waites, Capital		166,360		Cr.
Ben Waites, Drawing		30,050		Dr.
Income Summary
Sales		862,430		Cr.
Sales Returns and Allowances		7,630		Dr.
Purchases		504,860		Dr.
Purchases Returns and Allowances		4,290		Cr.
Purchases Discounts		11,020		Cr.
Freight In		7,050		Dr.
Salaries ExpenseSales		76,000		Dr.
Rent Expense		35,550		Dr.
Advertising Expense		12,350		Dr.
Store Supplies Expense
Depreciation ExpenseStore Equipment
Salaries ExpenseOffice		77,530		Dr.
Uncollectible Accounts Expense
Payroll Taxes Expense
Office Supplies Expense
Depreciation ExpenseOffice Equipment

Required:

Complete the worksheet.

a.b. Ending merchandise inventory, $98,750.

Uncollectible accounts expense, $1,050.

Store supplies on hand December 31, 20X1, $630.

Office supplies on hand December 31, 20X1, $310.

Depreciation on store equipment, $11,360.

Depreciation on office equipment, $3,320.

Accrued sales salaries, $4,050, and accrued office salaries, $1,050.

Social security tax on accrued salaries, $328; Medicare tax on accrued salaries, $77. (Assumes that tax rates have increased.)

Federal unemployment tax on accrued salaries, $57; state unemployment tax on accrued salaries, $272.

Journalize the adjusting entries on December 31, 20X1.

Journalize the closing entries on December 31, 20X1.

Compute the following:

net sales

net delivered cost of purchases

cost of goods sold

net income or net loss

balance of Ben Waites, Capital on December 31, 20X1.

Analyze: What change(s) to Ben Waites, Capital will be reported on the statement of owners equity?