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GL$0403($Algo$)-$ Based on Problem $4-5$A LO A$1,$ P$3,$ P$4$

The fiscal year$-$end unadjusted trial balance for Walker Company is found on the trial balance tab.

Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Walker Company uses a perpetual inventory system.

Descriptions of items that require adjusting entries on January $31,2019,$ follow.

a$.$ Store supplies still available at fiscal year$-$end amount to $\backslash (\backslash$$ $2,050\backslash ).$

b$.$ Expired insurance, an administrative expense, for the fiscal year is $\backslash (\backslash$$ $1,520\backslash ).$

c$.$ Depreciation expense on store equipment, a selling expense, is $\backslash (\backslash$$ $6,500\backslash )$ for the fiscal year.

d$.$ To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $\backslash (\backslash$$ $9,870\backslash )$ of inventory is still available at fiscal year$-$end.

Answer is not complete.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline Requirement & $\backslash$begin$\{$tabular$\}\{$c$\}$

General $\backslash \backslash$

Journal

$\backslash$end$\{$tabular$\}$ & $\backslash$begin$\{$tabular$\}\{$c$\}$

General $\backslash \backslash$

Ledger

$\backslash$end$\{$tabular$\}$ & Trial Balance & $\backslash$begin$\{$tabular$\}\{$c$\}$

Multiple Step $\backslash \backslash$

IS

$\backslash$end$\{$tabular$\}$ & Single Step IS Balance Sheet & Ratios $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

For transactions $1-4$ prepare the required adjusting journal entries. For transactions $5-8,$ prepare the required closing entries.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Date & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Account Title$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & January $31$ & Store supplies expense & $\backslash (\backslash$checkmark $\backslash )$ & $\backslash (4,100>\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Store supplies & $($ & & $4,100\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $2$ & January $31$ & Insurance expense & $($ & $1,520$ & $\backslash \backslash$

$\backslash$hline & & Prepaid insurance & $(>)$ & & $1,520\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $3$ & January $31$ & Depreciation expense $-$ Store equip. & $\backslash (\backslash$checkmark $\backslash )$ & $\backslash (6,500>\backslash )$ & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation $-$ Store equip. & $(>)$ & & $6,500\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $4$ & January $31$ & Cost of goods sold & $($ & $630$ & $\backslash \backslash$

$\backslash$hline & & Merchandise inventory & $($ & & $630\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $5$ & January $31$ & Sales & $($ & $118,000$ & $\backslash \backslash$

$\backslash$hline & & Income summary & $($ & & $118,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $6$ & January $31$ & Income summary & $($ & $107,100$ & $\backslash \backslash$

$\backslash$hline & & Rent expense & $($ & & $\backslash (15,490\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline & & Salaries expense & $($ & & $\backslash (15,490\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline & & Store supplies expense & $($ & & $4,100\backslash \backslash$

$\backslash$hline & & Insurance expense & $($ & & $1,520\backslash \backslash$

$\backslash$hline & & Depreciation expense $-$ Store equip. & $(>)$ & & $6,500\backslash \backslash$

$\backslash$hline & & Cost of goods sold & $(>)$ & $\backslash (64,000\backslash$times $\backslash )$ & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$