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Return to question Caperuuuu yumuru un uu 12 Descriptions of items that require adjusting entries on January 31 follow. 34 points a. Store supplies still available at fiscal year-end amount to $3,100. b. Expired insurance, an administrative expense, for the fiscal year is $1,940. c. Depreciation expense on store equipment, a selling expense, is $6,600 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. 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. Account Title Credit No 1 Date Jan 31 Debit 6,200 Store supplies expense Store supplies 6,200 Jan 31 1,940 Insurance expense Prepaid insurance 1,940 Jan 31 6,600 Depreciation expense-Store equipment Accumulated depreciation-Store equipment 6,600 Jan 31 760 Cost of goods sold Merchandise inventory 760 Jan 31 Sales 139,000 Income summary 139,000 Jan 31 77,740 X Income summary Rent expense-Office space Advertising expense Store supplies expense Insurance expense Depreciation expense-Store equipment Rent expense-Selling space Office salaries expense Sales salaries expense O O OOOO000 0 0 7,400 11,200 6,200 1,940 6,600 7,400 18,500 18,500 Jan 31 77,740 % Income summary K. Perry, Capital 77,740 X 8 Jan 31 No Transaction Recorded ( Requirement General Ledger > Return to question Caperuuuu yumuru un uu 12 Descriptions of items that require adjusting entries on January 31 follow. 34 points a. Store supplies still available at fiscal year-end amount to $3,100. b. Expired insurance, an administrative expense, for the fiscal year is $1,940. c. Depreciation expense on store equipment, a selling expense, is $6,600 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. 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. Account Title Credit No 1 Date Jan 31 Debit 6,200 Store supplies expense Store supplies 6,200 Jan 31 1,940 Insurance expense Prepaid insurance 1,940 Jan 31 6,600 Depreciation expense-Store equipment Accumulated depreciation-Store equipment 6,600 Jan 31 760 Cost of goods sold Merchandise inventory 760 Jan 31 Sales 139,000 Income summary 139,000 Jan 31 77,740 X Income summary Rent expense-Office space Advertising expense Store supplies expense Insurance expense Depreciation expense-Store equipment Rent expense-Selling space Office salaries expense Sales salaries expense O O OOOO000 0 0 7,400 11,200 6,200 1,940 6,600 7,400 18,500 18,500 Jan 31 77,740 % Income summary K. Perry, Capital 77,740 X 8 Jan 31 No Transaction Recorded ( Requirement General Ledger >
