Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 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. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step 1S Balance Sheet Ratios General Journal tab Prepare any necessary adjusting entries. General Ledger tab One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Multiple step Income Statement tab Prepare a multiple step income statement. Single-step Income Statement tab Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab Prepare a classified balance sheet. Ratio tab Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Step 15 Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $3,200. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal Requirement Ucciai Journal utricial Trial Balance Ledger Pipe Single Step IS Balance Sheet IS For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the View transaction list Journal entry worksheet < 1 3 4 5 6 7 8 Expired insurance, an administrative expense, for the fiscal year is $1,980. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal View transaction list Uired adjusting journal entries. For transactions 5-8, prepare the requi Journal entry worksheet 1 2 4 5 6 7 8 Depreciation expense on store equipment, a selling expense, is $6,800 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 $11,840 of inventory is still available at fiscal year-end. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 est 4 5 9 7 8 Record the entry to close income statement accounts with credit balances. 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 Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date January 31 Account Title: Debit Credit > View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the entry to close income summary. Note: Enter debits before credits. Date January 31 M 8 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Clear entry Record entry 444 Nguyen Company Trial Balance January 31, 2021 Account Title 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 Check my w Debit Credit $ 21,400 12,600 9,600 3,200 68,000 30,600 15,800 10,800 35,700 5,400 141,000 4,200 4,400 42,000 37,000 14,800 11,300 S 233,900 $ 233,900 Book erences 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. Post-closing Check my work Nguyen Company Income Statement For Year Ended January 31, 2021 < Prev 2 of 2 Next > ces Requirement General Journal General Ledger IS Trial Balance Multiple Step Single Step IS Balance Sheet Ratios A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Post-closing Revenues: Net sales Expenses: Cost of goods sold Total selling expenses Nguyen Company Income Statement For Year Ended January 31, 2021 Total general and administrative expenses Total expenses 0 < Multiple Step IS Balance Sheet > Check Prepare a classified balance sheet as of January 31, 2021. Post-closing Current Assets ces Plant assets Total assets Liabilities Nguyen Company Balance Sheet January 31, 2021 Assets Liabilities and Equity Plant assets Total assets Liabilities and Equity Liabilities Equity Total liabilities and equity 0 < Single Step IS Ratios > Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 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. 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