Unadjusted Dates: Jan 31 to: Jan 31 Griffin Company Trial Balance January 31, 2017 Account Title Debit Credit Cash $ 15,400 11,400 7,500 2,700 64,000 28,800 Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable Common stock Retained earnings Dividends Sales 13,000 8,000 31,500 4,700 127,000 3,800 Sales discounts Sales returns and allowances 4,000 38,000 33,000 Cost of goods sold Salaries expense Rent expense Advertising expense Total 13,200 10,600 208,300 $ $ 208,300 General Ledger Multiple Sten IS GLO403 (Algo) - Based on Problem 4-5A LO C1, P3 The fiscal year-end unadjusted trial balance for Griffin Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Griffin Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $2,500. b. Expired insurance, an administrative expense, for the fiscal year is $1,700. 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 $10,720 of inventory is still available at fiscal year-end. X Answer is not complete. 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. No Date Account Title Debit Credit 1 Jan 31 2,500 X Store supplies expense Store supplies 2,500 X Adjusted Griffin Company Balance Sheet January 31, 2020 Assets Current Assets $ 0 0 0 0 0 Plant assets $ 0 0 Total assets Liabilities and Equity Liabilities $ 0 0 Equity 0 Total assets Liabilities and Equity Liabilities $ 0 0 Equity $ 0 (4,700) (4,700) (4,700) Total liabilities and equity $