GL0403 (Algo) - Based on Problem 4-5A LO C1, P3 The fiscal year-end unadjusted trial balance for Griffin Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Griffin Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $2,500. b. Expired insurance, an administrative expense, for the fiscal year is $1,700. c. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step Single Step IS Balance Sheet Ratios IS For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. 4 To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,720 of inventory is still available at fiscal year-end. 5 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. 00 Record the entry to close the withdrawals account