GLO403 (Algo) - Based on Problem 4-5A LO C1, P3 The fiscal year-end unadjusted trial balance for Griffin Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Griffin 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 $2,500. b. Expired insurance, an administrative expense, for the fiscal year is $1,700. c. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. X Answer is not complete. 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. No Date Account Title Debit Credit 1 Jan 31 2,500 X Store supplies expense Store supplies 2,500 X Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Adjusted Griffin Company Income Statement For Year Ended January 31, 2020 $ 0 $ 0 0 Net sales 0 0 Gross profit 0 GLO403 (Algo) - Based on Problem 4-5A LO C1, P3 The fiscal year-end unadjusted trial balance for Griffin Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Griffin 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 $2,500. b. Expired insurance, an administrative expense, for the fiscal year is $1,700. c. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. X Answer is not complete. 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. No Date Account Title Debit Credit 1 Jan 31 2,500 X Store supplies expense Store supplies 2,500 X Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Adjusted Griffin Company Income Statement For Year Ended January 31, 2020 $ 0 $ 0 0 Net sales 0 0 Gross profit 0
