The fiscal year$-$end unadjusted trial balance for Martin Company is found on the trial balance tab.

Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Martin 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 $$2,300.$

b$.$ Expired insurance, an administrative expense, for the fiscal year is $$1,620.$

c$.$ Depreciation expense on store equipment, a selling expense, is $$6,000$ for the fiscal year.

d$.$ To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $$10,430$ of inventory is still available at fiscal year$-$end.

Requirement

General

General

Multiple Step

Single Step IS

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 ta $b-$ Calculate the current ratio, the acid$-$test ratio, and the gross margin ratio.