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GLO503-Based on Problem 5-5A LO C2, P3 The fiscal year-end unadjusted trial balance for Perez Company is found on the trial balance tab. Perez Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Descriptions of items that require adjusting entries on January 31 follow. a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,580.. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,150 of inventory is still available at fiscal year-end. nt 0 -nces Journal entry worksheet 1 2 Date Jan 31 3 Note: Enter debts before credits Record entry 4 5 a.) Store supplies still available at fiscal year-end amount to $2,200. Record the required adjusting entry, if any. Account Title 6 Clear entry 7 8 Elebit Credit View general journal OK at ces View transaction list Journal entry worksheet Journal entry worksheet 1 2 3 Date Jan 31 Note: Enter debits before credits. 4 5 6 c.) Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. Record the required adjusting entry, if any. Account Title 7 8 Debit Credit Current Assets Plant assets Total assets Liabilities Equity Total liabilities and equity Perez Company Balance Sheet January 31 Assets Liabilities and Equity 31,000 31.000 General Multiple Step IS Ledger Compute the following ratios as of January 31. Round each ratio to 2 decimal places. Dates: Jan 31 Requirement Current ratio Acid-test ratio Gross margin ratio Journal Trial Balance Balance Sheet Single Step 15 Balance Sheet Ratios to: Jan 31 GLO503-Based on Problem 5-5A LO C2, P3 The fiscal year-end unadjusted trial balance for Perez Company is found on the trial balance tab. Perez Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Descriptions of items that require adjusting entries on January 31 follow. a. Store supplies still available at fiscal year-end amount to $2,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,580.. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,150 of inventory is still available at fiscal year-end. nt 0 -nces Journal entry worksheet 1 2 Date Jan 31 3 Note: Enter debts before credits Record entry 4 5 a.) Store supplies still available at fiscal year-end amount to $2,200. Record the required adjusting entry, if any. Account Title 6 Clear entry 7 8 Elebit Credit View general journal OK at ces View transaction list Journal entry worksheet Journal entry worksheet 1 2 3 Date Jan 31 Note: Enter debits before credits. 4 5 6 c.) Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. Record the required adjusting entry, if any. Account Title 7 8 Debit Credit Current Assets Plant assets Total assets Liabilities Equity Total liabilities and equity Perez Company Balance Sheet January 31 Assets Liabilities and Equity 31,000 31.000 General Multiple Step IS Ledger Compute the following ratios as of January 31. Round each ratio to 2 decimal places. Dates: Jan 31 Requirement Current ratio Acid-test ratio Gross margin ratio Journal Trial Balance Balance Sheet Single Step 15 Balance Sheet Ratios to: Jan 31