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GLO403 (Algo) - Based on Problem 4-5A LO A1, P3, P4 The fiscal year-end unadjusted trial balance for Collins Company is found on the trial
GLO403 (Algo) - Based on Problem 4-5A LO A1, P3, P4 The fiscal year-end unadjusted trial balance for Collins Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Collins 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 $2,950. b. Expired insurance, an administrative expense, for the fiscal year is $1,880. c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step Single Step IS Balance Sheet IS 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
If you do all the steps, i.e. general journal, multiple step income statement, balance sheet, and ratios, the trial balance will be updated automatically.
GL0403 (Algo) - Based on Problem 4-5A LO A1, P3, P4 The fiscal year-end unadjusted trial balance for Collins Company is found on the trial balance tab Rent expense ond salaries expense ore equally divided between selling octivities and general and administrative octivities. Collins Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on lanuary 31, 2019, follow. 0. Store supplies still available at fiscal yearend amount to $2.950 b. Expired insurance, an administrative expense, for the fiscal year is $1,880 c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken it shows $11,560 of inventory is stil available at fiscal yeat-end The trial balance is a listing of all account balances from the General Ledger as of a specfic date. Click on any individual account balance to return to the General Ledger. The trial bolance is only as occurate as the underlying journal entries. If the fotal debits do not equal the total credits, you have a joumal entry that is out of balance. If you have an abnormal ending batance (indicated with brachots in the goneral lodgen), you should review the journal entries that affected that account to ensure that the joumal entries are correct. GL0403 (Algo) - Based on Problem 4-5A LO A1, P3, P4 The fiscal year-end unadjusted trial balance for Collins Company is found on the trial balance tab Rent expense ond salaries expense ore equally divided between selling octivities and general and administrative octivities. Collins Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on lanuary 31, 2019, follow. 0. Store supplies still available at fiscal yearend amount to $2.950 b. Expired insurance, an administrative expense, for the fiscal year is $1,880 c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken it shows $11,560 of inventory is stil available at fiscal yeat-end The trial balance is a listing of all account balances from the General Ledger as of a specfic date. Click on any individual account balance to return to the General Ledger. The trial bolance is only as occurate as the underlying journal entries. If the fotal debits do not equal the total credits, you have a joumal entry that is out of balance. If you have an abnormal ending batance (indicated with brachots in the goneral lodgen), you should review the journal entries that affected that account to ensure that the joumal entries are correct Step by Step Solution
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