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need help solving these sets asap need help with the journal entries,multiple step IS, balance sheet, and ratios basically whats on the photos how would
need help solving these sets asap
need help with the journal entries,multiple step IS, balance sheet, and ratios basically whats on the photos
how would i solve this?
i need help solving everything that is left blank or unanswered in each of the pictures
The fiscal year-end unadjusted trial balance for Garcia Company is found on the trial balance tab.
Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Garcia Company uses a perpetual inventory system.
Descriptions of items that require adjusting entries on January 31, 2019, follow.
- Store supplies still available at fiscal year-end amount to $2,150.
- Expired insurance, an administrative expense, for the fiscal year is $1,560.
- Depreciation expense on store equipment, a selling expense, is $6,700 for the fiscal year.
- To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,150 of inventory is still available at fiscal year end
question: Record the entry to close income statement accounts with debit balances
added other info
The fiscal year-end unadjusted trial balance for Garcia Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Garcia Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still avaliable at fiscal year-end amount to $2,150. b. Expired insurance, an administrative expense, for the fiscal year is $1,560. 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 $10,150 of inventory is still available at fiscal year-end. The fiscal year-end unadjusted trial balance for Garcia Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Garcia Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still avallable at fiscal year-end amount to $2,150. b. Expired insurance, an administrative expense, for the fiscal year is $1,560. 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 $10,150 of inventory is still available at fiscal year-end. Post-closing The fiscal year-end unadjusted trial balance for Garcia Company is found on the trial balance tab. Rent expense and zalaries expense are equally divided between selling activities and general and administrative activities, Garcla Company uses a pu petual 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 $2,150. b. Expired insurance, an administrative expense, for the fiscal year is $1,560. 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 $10,150 of inventory is still available at fiscal year-end. Compute the following ratios as of January 31, 2021. Round each ratio to 2 decimal places. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 29,400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 4,400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{\multicolumn{2}{|c|}{ Sales }} \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & January 31 & & & 120,000 \\ \hline D 5 & January 31 & 120,000 & & 0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 3,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{6}{|c|}{ Sales returns and allowances } \\ \hline No. & Date & Debit & Credit . Balance \\ \hline & January 31 & & & 3,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of goods sold } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & January 31 & & & 36,000 \\ \hline Q & January 31 & 650 & & 36,650 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Depreciation expense - Store equip. } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 0 \\ \hline 3) & January 31 & 6,700 & & 6,700 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{2}{|c|}{} & \multicolumn{1}{|c|}{ Insurance expense } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & January 31 & & & 0 \\ \hline 2 & January 31 & 1.560 & & 1.560 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{6}{|c|}{ Salaries expense } \\ \hline Nd: & Date & Deblt & Credit & Balance \\ \hline & January 31 & & & 31,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Rent expense } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & January31 & & & 12,400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Advertising oxpense } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & January 31 & & & 10.250 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Depreciation expense-Store equip. } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 31 & & & 0 \\ \hline 3 & 3 January 31 & 6,700 & & 6,700 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 31,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{3}{|c|}{ Insurance expense } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & January 31 & & & 0 \\ \hline 2 & January 31 & 1,560 & & 1,560 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent expense } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & January 31 & & & 12,400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Store supplles expense } \\ \hline No. & Date & Deblt & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & January 31 & & & 0 \\ \hline 1 & January 31 & 4,300 & & 4,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 10,250 \\ \hline \end{tabular} Post-closing Garcia Company Trial Balance January 31, 2021 Step by Step Solution
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