ok inces 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. Journal entry worksheet < 2 3 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $2,950. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal 1 2 3 5 6 7 8 Expired insurance, an administrative expense, for the fiscal year is $1,880. Note: Enter debits before credits. Date January 31 Account Title Debit Credit View general journal Record entry Clear entry 1 2 3 4 5 6 7 8 Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. Note: Enter debits before credits. Date January 31 Account Title Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 8 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. Note: Enter debits before credits. Date January 31 Account Title Debit Credit View general journal Record entry Clear entry ok Journal entry worksheet 2 3 4 5 9 7 8 ht nces Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Date: January 31 Account Title Debit Credit Journal entry workshe < 1 2 3 4 5 6 7 8 Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 8 Record the entry to close income summary. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < 1 2 3 5 6 7 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal ok nces 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. Unadjusted Collins-Company Income Statement For Year Ended January 31, 2021 2 2 points Prepare a Unadjusted eBook Current Assets Print References Plant assets Collins Company Balance Sheet January 31, 2021 Assets Total assets Liabilities and Equity Liabilities Equity Total liabilities and equity 0 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. 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 fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Compute the following ratios as of January 31, 2021. Round each ratio to 2 decimal places. Current ratio Acid-test ratio Gross margin ratio < Balance Sheet Rallos Dates: January 31 to: January 31 E Unadjusted Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Advertising expense Total Account Title Collins Company Trial Balance January 31, 2021 Dates: January 31 Show less A to: January 31 Debit Credit $ 20,050 12,300 8,850 3,000 63,000 28,350 14,800 9,800 34,200 5,100 136,000 4,100 4,300 41,000 36,000 14,400 11,050 $ 223,150 $ 223,150 polets Unadjusted P References General Ledger Account Cash Merchandise inventory No Date Debit Credit Balance No. January 31 20,050 Date January 311 Debit Credit Balance 12.300 Store supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance January 31 8,850 January 311 3,000 No. Date January 31 Store equipment Debit Accumulated depreciation-Store equip. Credit Balance No. Date Debit Credit 63,000 January 311 Balance 28.350 No. Date January 31 Accounts payable Debit Credit Balance No. Date Common stock Debit Credit Balance 14.800 January 31 9,800 Retained earnings No. Date Debit Credit Balance No. January 31 34,200 Date January 31 Dividends Debit Credit Balance 5,100 Sales Sales discounts No. Date Debit Credit January 31 Balance 136,000 No. Date Debit Credit Balance January 31 4,100 Sales returns and allowances No Date January 31 Debil Credit Balance No Date Cost of goods sold Debit Credit Balance 4,300 January 31 41,000 No Date Salaries expense Debit Rent expense Credit January 31 Balance 36.000 No Date January 31 Debit Cred Balance 14,400 Advertising expense No. Date January 31 Debit Credit Balance 11,050