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Saved Hel Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense,

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Saved Hel Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 40,100 46,200 $ 25,800 19,200 8,100 225,900 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-office space office supplies expense Totals 2,250 13,000 74,900 31, 100 8,100 1,300 14,000 28, 100 3,400 350 $270,900 $270,900 Beginning merchandise inventory was $25,600. Supplementary records of merchandising ackivities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discount received Purchases returns and allowances Costs of transportation in $91,500 2,400 4,300 4,600 View transaction list Journal entry worksheet 1 2 3 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal a. Store supplies still available at fiscal year-end amount to $2,950. b. Expired insurance, an administrative expense, for the fiscal year is $1,800. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fisc d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. available at fiscal year-end. 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round :1 Current ratio Acid-test ratio Gross margin ratio :1 :1 S

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