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Carter Company Trial Balance January 31, 2017 Account Title Credit s Debit 16,000 11,700 8,100 2,800 68,000 30,600 13,800 8,800 32,700 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Advertising expense Total 4,900 131,000 3,900 4,100 39,000 34,000 13,600 10,800 216,900 $ 216,900 The fiscal year-end unadjusted trial balance for Carter Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Carter 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 $2,700. b. Expired insurance, an administrative expense, for the fiscal year is $1,780. 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 $11,000 of inventory is still available at fiscal year-end. 1 Store supplies still available at fiscal year-end amount to $2,700. 2 Expired insurance, an administrative expense, for the fiscal year is $1,780. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,000 of inventory is still available at fiscal year-end. S Record the entry to close income statement accounts with credit balances. 6 Record the entry to close income statement accounts with debit balances. 7 Record the entry to close Income summary. 9 Record the entry to close the withdrawals account. Adjusted Carter Company Income Statement For Year Ended January 31, 2019