The fiscal year-end unadjusted trial balance for Hall Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Hall 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 $2,450. b. Expired insurance, an administrative expense, for the fiscal year is $1,680. c. Depreciation expense on store equipment, a selling expense, is $6,300 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 IS 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 tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. < Requirement General Journal > Requirement General Journal General Ledger Trial Balance Multiple Step Single Step IS Balance Sheet Ratios IS 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 1 2 3 45678 Store supplies still available at fiscal year-end amount to $2,450. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > > Requirement General Journal General Ledger Trial Balance Multiple Step 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. View transaction list Journal entry worksheet 1 2 3 45678 Expired insurance, an administrative expense, for the fiscal year is $1,680. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > 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 < 1 2 3 45678 Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > > View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 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. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Clear entry Record entry View general journal < Requirement General Ledger > ^ |> View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > Requirement General Journal General Ledger Trial Balance IS Multiple Step 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. View transaction list Journal entry worksheet 1 2 3 45 6 7 Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Multiple Step 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. View transaction list Journal entry worksheet 1 2 3 456 7 8 Record the entry to close income summary. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > > View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date January 31 Account Title Debit Credit Record entry Clear entry View general journal < Requirement General Ledger > Requirement General Journal General Ledger Trial Balance IS Multiple Step Single Step IS 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. Adjusted Net sales Gross profit Hall Company Income Statement For Year Ended January 31, 2021 $ 0 $ 0 0 0 0 0 0 0 0 < Trial Balance Single Step IS > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Prepare a classified balance sheet as of January 31, 2021. Adjusted Current Assets Plant assets Total assets Liabilities Equity Total liabilities and equity Hall Company Balance Sheet January 31, 2021 Assets Liabilities and Equity $ 0 0 0 0 0 10 $ $ 10 0 0 0 0 $ 0 (4,700) < Single Step IS (4,700) $ (4,700) Ratios > Requirement General Journal General Trial Balance Multiple Step Single Step IS Balance Sheet Ratios Ledger IS Compute the following ratios as of January 31, 2021. Note: Round each ratio to 2 decimal places. Current ratio Acid-test ratio Gross margin ratio Dates: January 31 to: January 31 < Balance Sheet Ratios >