Required: 1. Prepare closing entries as of August 31, 2013 (the perpetual inventory system is used) 1. Using the above information prepare adjusting journal entries: On August 31, 2012, merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31, 2013. reveal the following itemized costs 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2013. Required: 1. Prepare closing entries as of August 31, 2013 (the perpetual inventory system is used) 1. Using the above information prepare adjusting journal entries: On August 31, 2012, merchandise inventory was $25,400 Supplementary records of merchandising activities for the year ended August 31, 2013. reveal the following itemized costs 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2013