The fiscal year-end unadjusted trial balance for King Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. King 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 $3,050.
2. Expired insurance, an administrative expense, for the fiscal year is $1,920.
3. Depreciation expense on store equipment, a selling expense, is $6,500 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.

General Journal tab - Prepare any necessary adjusting entries. 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.

The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct.

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UnadjustedAdjustedPost-closing

Adjusted

Dates:

Jan 31

to:

Jan 31

King Company
Trial Balance
January 31, 2019
Account Title	Debit	Credit
Cash	21,750
Merchandise inventory	11,500
Store supplies	3,050
Prepaid insurance	1,180
Store equipment	65,000
Accumulated depreciation - Store equip.		35,750
Accounts payable		15,200
Common stock		10,200
Retained earnings		34,800
Dividends	5,200
Sales		138,000
Sales discounts	4,100
Sales returns and allowances	4,300
Cost of goods sold	41,800
Depreciation expense - Store equip.	6,500
Salaries expense	36,000
Insurance expense	1,920
Rent expense	14,400
Store supplies expense	6,100
Advertising expense	11,150
Total	233,950	233,950