Question: Refer to the data and information in problem in problem the

Refer to the data and information in Problem.
In Problem, The following unadjusted trial balance is prepared at fiscal year-end for Helix Company.
Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Helix Company uses a perpetual inventory system.
Required
Prepare adjusting journal entries to reflect each of the following:
a. Store supplies still available at fiscal year-end amount to $2,550.
b. Expired insurance, an administrative expense, for the fiscal year is $1,450.
c. Depreciation expense on store equipment, a selling expense, is $1,975 for the fiscal year.
d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,300 of inventory is still available at fiscal year-end.
Prepare and complete the entire 10-column work sheet for Helix Company. Follow the structure of Exhibit 4B.1 in Appendix 4B.

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  • CreatedMarch 18, 2015
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