S GL0403 (Algo) Based on Problem 4-5A LO C1, P3 The fiscal year-end unadjusted trial balance for Allen Company is found on the trial balance tab Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Allen Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $2,550. b. Expired insurance, an administrative expense, for the fiscal year is $1,720. c. Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10.720 of inventory is still available at fiscal year end. Requirement General Journal General Ledger 15 Trial Balance Multiple Step Single 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 Help Save & Exit Submit Check my work Requirement General Journal General Ledger Trial Balance Multiple Step Single Step 15 Balance Sheet Ratios 15 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 D 1 2 3 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $2,550. Note: Enter debits before credits Date Jan 31 Account Title Debit Credit Requirement General Journal General Ledger Trial Balance Multiple Step 25 Single Step 15 Balance Sheet Ratios 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 Allen Company Income Statement For Year Ended January 31, 2020 Check my work Prepare a classified balance sheet as of January 31, 2017. Unadjusted Current Assets Allen Company Balance Sheet January 31, 2020 Assets Plant assets Total assots Liabilities Liabilities and Equity 0 Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $2,550 b. Expired insurance, an administrative expense, for the fiscal year is $1,720. c. Depreciation expense on store equipment, a selling expense, is $6.500 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step 15 Single Step 15 Balance Sheet Ratios D Compute the following ratios as of January 31, 2020. Round each ratio to 2 decimal places. Current ratio Acid-test ratio Gross margin ratio