Question

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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