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

Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Duerr Company uses a perpetual inventory system.

Descriptions of items that require adjusting entries on January 31, 2019, follow.

1. Store supplies still available at fiscal year-end amount to $3,000.
2. Expired insurance, an administrative expense, for the fiscal year is $1,900.
3. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year.
4. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end.

• 1Store supplies still available at fiscal year-end amount to $3,000.
• 2Expired insurance, an administrative expense, for the fiscal year is $1,900.
• 3Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year.
• 4To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end.
• 5Record the entry to close income statement accounts with credit balances.
• 6Record the entry to close income statement accounts with debit balances.
• 7Record the entry to close income summary.
• 8Record the entry to close the withdrawals account.

Comprehensive Problem i Saved b. Expired insurance, an administrative expense, for the fiscal year is $1,900. c. Depreciation expense on store equipment, a selling expense, Is $6,400 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end. 50 points Requirement General General Multiple Step Journal Ledger Trial Balance IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Book View transaction list View journal entry worksheet Print X Debit Credit 1,000 ,000 References Store supplies still available at fiscal year-end amount to $3,000. 1,900 2 Expired insurance, an administrative expense, for the 1,900 fiscal year is $1,900. 6,40 3 Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 6,400 4) To estimate shrinkage, a physical count of ending 11,560 merchandise inventory is taken. It shows $11,560 of 11,560 inventory is still available at fiscal year-end. 6 Record the entry to close income statement accounts 1,000 with credit balances 1.000 Note : = journal entry has been entered 16.500 Rent expense 2,000 Salaries expense 3,000 Store supplies expense 3,000 Insurance expense 1,900 Depreciation expense - Store equip. 6,400 7 January 31 Income summary 16,500 Rent expense 2.000 Mc Grav P.rex 1 of 1 Next >Comprehensive Problem i Saved b. Expired Insurance, an administrative expense, for the fiscal year is $1,900. c. Depreciation expense on store equipment, a selling expense, Is $6,400 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end. 50 points Requirement General General Journal Trial Balance Multiple Step Ledger IS Single Step IS |Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. eBook View transaction list View journal entry worksheet Print X Debit Credit 1,000 1,000 References expense, is $6,400 for the fiscal year. 4 To estimate shrinkage, a physical count of ending 1,900 merchandise inventory is taken. It shows $11,560 of 1,900 inventory is still available at fiscal year-end. 6,400 Record the entry to close income statement accounts with credit balances. 6,400 6 Record the entry to close income statement accounts 11,560 with debit balances. 1,560 7 Record the entry to close income summary. 1,000 @ Record the entry to close the withdrawals account. 1,000 Note : = journal entry has been entered 16,500 Rent expense 2,000 Salaries expense ,000 Store supplies expense 3,000 Insurance expense 1,900 Depreciation expense - Store equip. 6,400 7 January 31 Income summary 16,500 nt expense 2,000 Mc Grav