Question

There is no opening trial balance ):

Check my work GLO403 . Based on Problem 4-5A LO C2, P3 The fiscal year-end unadjusted trial balance for Lewis Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Lewis Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2018, follow. a. Store supplies still available at fiscal year-end amount to $2,000. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. 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 $9,870 of inventory is still available at fiscal year-end. General General Requirement Trial Balance Multiple Step Journal Single Step IS Balance Sheet IS Ratios Ledger For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entri View transaction list Journal entry worksheet < 1 > < Prex 9 of 9 Next д A 20 O MacBook Air 80 F6 < # % 5 & 7 2 3 4 6 8 9

Answer 1

Requirement 1	general journal (adjustment entries)
	Particular	debit ($)	credit($)
a	Store supplies expenses	4000
	To store supplies		4000
b	Insurance expenses	1500
	To prepaid insurance		1500
c	depreciation expenses	6400
	To accumulated depreciation		6400
d	cost of goods sold	630
	To merchandise inventory		630
note
1	store supplies expenses = (store supplies - store supplies at the end )
	, 6000 - 2000                       = 4000
2	cost of goods sold = ( merchandise inventory - merchandise inventory at the end )
	, 10500 - 9870                    =630
Requirement 2	general ledger
		store supplies A/C
	Particular	debit($)	particular	credit($)
	To bal b/d	6000	By store supplies expenses	4000
			by bal c/d	2000
		6000		6000
		prepaid insurance
	Particular	debit($)	particular	credit($)
	To bal b/d	2400	By insurance expense	1500
			by bal c/d	900
		2400		2400
		Accumulated depreciation
	Particular	debit($)	particular	credit($)
	To bal c/d	35200	By bal b/d	28800
			By depreciation expense	6400
		35200		35200
		Merchandise inventory
	Particular	debit($)	particular	credit($)
	To bal b/d	10500	By COGS	630
			By bal c/d	9870
		10500		10500
		Cost of goods sold
	Particular	debit($)	particular	credit($)
	To bal b/d	35000	By bal c/d	35630
	To merchandise inventory	630
		35630		35630
Requirement 3	Trial balance
	Particular	Debit($)	Credit($)
	cash	9800
	merchandise inventory	9870
	store supplies	2000
	prepaid insurance	900
	store equipment	64000
	accumulated depreciation		35200
	accounts payable		11000
	common stock		6000
	retained earnings		28500
	Dividends	4300
	sales		117000
	sales discount	3500
	sales return and allowances	3700
	cost of goods sold	35630
	salaries expenses	30000
	rent expenses	12000
	advertisement expenses	10100
	store supplies expense	4000
	insurance expenses	1500
	depreciation expenses	6400
	total	197700	197700
Requirement 4	Multiple steps income statement
	Particular	amount($)	amount($)
	sales	117000
	less: sales discount	-3500
	less : sales return and allowances	-3700
	net sales	109800
	less: cost of goods sold	-35630
	gross profit		74170
	expenses:
	selling expenses
	depreciation expense	6400
	salaries expense	15000
	rent expense	6000
	store supplies expense	4000
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