Question: Hiiii I need this for notes huhu :( help a dumb college student. Tenchu in adnvance! The account balances in the ledger of the Dindorf

Hiiii I need this for notes huhu :( help a dumb college student. Tenchu in adnvance!

Hiiii I need this for notes huhu :( help a dumb college

The account balances in the ledger of the Dindorf Company on January 31 (the end of its fiscal year), before adjustments, were as follows: Debit Balances Credit Balances Cash and equivalents $ 119, 115 Accumulated depreciation Accounts receivable 162,500 on store equipment $ 37,300 Merchandise inventory 700,680 Accounts payable 118, 180 Store equipment 215,000 Notes payable 143,000 Supplies inventory 15,475 Common stock 300,000 Prepaid insurance 38,250 Retained earnings 122,375 Selling expense 24,900 Sales revenues 716,935 Sales salaries 105,750 Miscellaneous general expenses 31,000 Sales discounts 6,220 Interest expense 9,300 Social Security tax expense 9,600 Total $1,437,790 Total $1,437,790 The data for the adjustments are 1. Cost of merchandise sold, $302,990. 2. Depreciation on store equipment, $12,750. 3. Supplies inventory, January 31, $5,210. (Purchases of supplies during the year were debited to the Supplies Inventory account.) 4. Expired insurance, $4,660. 5. Interest accrued on notes payable, $3,730. 6. Sales salaries earned but not paid to employees, $3,575. 7. Interest earned on savings accounts, but not recorded, $390. Required: a. Set up T accounts with the balances given above. b. Journalize and post adjusting entries, adding other T accounts as necessary. c. Journalize and post closing entries. d. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet

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