The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Descriptions of items that require adjusting entries on January
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab.
Descriptions of items that require adjusting entries on January 31, 2018, follow.
- Store supplies still available at fiscal year-end amount to $1,900.
- Expired insurance, an administrative expense, for the fiscal year is $1,460.
- Depreciation expense on store equipment, a selling expense, is $6,200 for the fiscal year.
- To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,870 of inventory is still available at fiscal year-end.
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.
scal yearena TISCOA year-end Requirement ton Jurnal General Ledge al Balance Multiple 15 Single Step 15 Balance Sheet Rais Requirement Ceneral General Trial Balance Muride Step stage Step 15 Balance Sheet Jurnal Ledger IS Ratio For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required coding at Post closing Datest Jan 31 to Jan 31 Can Company Trial Bande ary 31, 2019 Viewraction list View journal entry worksheet Ne Account Title Dede Jan 31 Credit Acc Title Debe 3.000 Credit Store.pples expense Store supplies 3 800 Dehw 7300 10.500 1,900 545 62.010 2 Jan 31 1460 Instance expense Trapaid Insurance 1.60 1 Jan 31 6 200 34100 10.600 27500 Dopracofon pese-Storien Accum. depreciation St 16200 2000 2 4 Jan 30 Cost of goods old Merchandise Berchandisinden So wupplies prepadnute store want Autodopodin-town Account Clue Capit Club With Sa sales.com susretano Cool goods solid Dopreciation expens wont Borse ses was een incepan Prentesence Runt expensing space Store apple pense Advertising 20,000 3600 3.700 5 Jan 31 Sales 235.000 Income sunary 000 5 Jan 21 Nos Transaction Recorded 100 15 000 15.000 105 600 000 J : 10.000 Jan 31 No Trancho Recorded Requirement General Ledger > To 1996 35 000 1912 Requirement General Journal General Ledger Trial Balance Multiple Steb IS Single Steps Balance Sheet Ratos Begin by selecting 'Adjusted from the drop down below. Then use the adjusted trial balance to prepare a muluple step Income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Post closing Clas Como Income Statement Fol Year Ended January 01 Sales Sales discounts Sales returns and allowances 80.000 3.500 3700 a 72.800 35 000 37. Net sales Cost of goods sold Gross proft Operating expenses Seling expenses Advertising expense Sales salaries pense Rent expense Selling space La 100001 15000 6000 0 0 0 31 000 Total selling expenses General and administrative expenses Rent expense Office space Office salaries pense Rent expense Selling space 20 6.000 15.000 6000 . 9 D 27.000 Total general and administrative expenses Total operating expenses The income 50.000 (2000) $ Requirement General Journal General Ledger Trial Balance Multiple Step Single Step Is Balance Sheet IS IS Ratios Prepare a classified balance sheet as of January 31. Post-closing Clark Company Balance Sheet January 31 Assets Current Assets $ s 0 0 0 0 0 0 Plant assets S Total assets Liabilities and Equity Liabilities S 0 Equity AS 8.300 Total equity Total liabilities and equity 8 300 8,300 $ GLO503 - Based on Problem 5-5A LO C2, P3 The fiscal year end unadjusted trial balance for Clark Company is found on the trial balance tab Clark Company uses a perpetual Inventory system. It categorizes the following accounts as selling expenses depreciation expense-store equipment, sales salaries expense rent expense selling space store supplies expense advertising expense It categorizes the remaining expenses as general and administrative Descriptions of items that require adjusting entries on January 31 follow Store supplies still available at fiscal year-end amount to $1,900. -. . Expired insurance, an administrative expense, for the fiscal year is $1460 c. Depreciation expense on store equipment, a selling expense, is $6.200 for the fiscal year To estimate shrinkage a physical count of ending merchandise inventory is taken it shows $9.870 of inventory is still available at fiscal year-end Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Raties Compute the following ratios as of January 31. Round each ratio to 2 decimal places Dates: Jan 31 to: Jan 31 Currentrale Acid.ostrato Gross margin ratio Balance Sheet scal yearena TISCOA year-end Requirement ton Jurnal General Ledge al Balance Multiple 15 Single Step 15 Balance Sheet Rais Requirement Ceneral General Trial Balance Muride Step stage Step 15 Balance Sheet Jurnal Ledger IS Ratio For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required coding at Post closing Datest Jan 31 to Jan 31 Can Company Trial Bande ary 31, 2019 Viewraction list View journal entry worksheet Ne Account Title Dede Jan 31 Credit Acc Title Debe 3.000 Credit Store.pples expense Store supplies 3 800 Dehw 7300 10.500 1,900 545 62.010 2 Jan 31 1460 Instance expense Trapaid Insurance 1.60 1 Jan 31 6 200 34100 10.600 27500 Dopracofon pese-Storien Accum. depreciation St 16200 2000 2 4 Jan 30 Cost of goods old Merchandise Berchandisinden So wupplies prepadnute store want Autodopodin-town Account Clue Capit Club With Sa sales.com susretano Cool goods solid Dopreciation expens wont Borse ses was een incepan Prentesence Runt expensing space Store apple pense Advertising 20,000 3600 3.700 5 Jan 31 Sales 235.000 Income sunary 000 5 Jan 21 Nos Transaction Recorded 100 15 000 15.000 105 600 000 J : 10.000 Jan 31 No Trancho Recorded Requirement General Ledger > To 1996 35 000 1912 Requirement General Journal General Ledger Trial Balance Multiple Steb IS Single Steps Balance Sheet Ratos Begin by selecting 'Adjusted from the drop down below. Then use the adjusted trial balance to prepare a muluple step Income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Post closing Clas Como Income Statement Fol Year Ended January 01 Sales Sales discounts Sales returns and allowances 80.000 3.500 3700 a 72.800 35 000 37. Net sales Cost of goods sold Gross proft Operating expenses Seling expenses Advertising expense Sales salaries pense Rent expense Selling space La 100001 15000 6000 0 0 0 31 000 Total selling expenses General and administrative expenses Rent expense Office space Office salaries pense Rent expense Selling space 20 6.000 15.000 6000 . 9 D 27.000 Total general and administrative expenses Total operating expenses The income 50.000 (2000) $ Requirement General Journal General Ledger Trial Balance Multiple Step Single Step Is Balance Sheet IS IS Ratios Prepare a classified balance sheet as of January 31. Post-closing Clark Company Balance Sheet January 31 Assets Current Assets $ s 0 0 0 0 0 0 Plant assets S Total assets Liabilities and Equity Liabilities S 0 Equity AS 8.300 Total equity Total liabilities and equity 8 300 8,300 $ GLO503 - Based on Problem 5-5A LO C2, P3 The fiscal year end unadjusted trial balance for Clark Company is found on the trial balance tab Clark Company uses a perpetual Inventory system. It categorizes the following accounts as selling expenses depreciation expense-store equipment, sales salaries expense rent expense selling space store supplies expense advertising expense It categorizes the remaining expenses as general and administrative Descriptions of items that require adjusting entries on January 31 follow Store supplies still available at fiscal year-end amount to $1,900. -. . Expired insurance, an administrative expense, for the fiscal year is $1460 c. Depreciation expense on store equipment, a selling expense, is $6.200 for the fiscal year To estimate shrinkage a physical count of ending merchandise inventory is taken it shows $9.870 of inventory is still available at fiscal year-end Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Raties Compute the following ratios as of January 31. Round each ratio to 2 decimal places Dates: Jan 31 to: Jan 31 Currentrale Acid.ostrato Gross margin ratio Balance Sheet
