Safari File Edit View History Bookmarks Window Help 46%. D. Tue 5:30 PM Q E newc

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Safari File Edit View History Bookmarks Window Help 46%. D. Tue 5:30 PM Q E newconnect.mheducation.com Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 9 Descriptions of items that require adjusting entries on January 31, 2018, follow a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal year is $1,400, c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is stil available at 172 fiscal year-end. General Requirement ourmal Trial Balance Multiple Step Ledger Single Step is Balance Sheet Rtios 1S 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. Show le5s Dates: Jan 31 to: Jan 31 Nelson Company Trial Balance January 31, 2018 Account Title Debit Credit 1,000 10.900 1,750 1,000 42,900 Menchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation Store equip 16.775 0,000 5,000 25,775 Common stock Retained earnings ncome summary 107,750 165.300 S 57.550

Explanation / Answer

Closing Entries Date Account title and explanation Debit Credit 5 31-Jan Sales 111950 Income Summary 111950 (To record closing of sales) 6 31-Jan Income Summary 110975 Cost of goods sold 40000 Salaries Expense 35000 Rent Expense 15000 Advertising expense 9800 Depreciation Expense - Store Equipment 1525 Store supplies expense 4050 Insurance expense 1400 Sales Discount 2000 Sales Return and allowance 2200 (To record closing of expenses)

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