The unadjusted trial balance of Bens Jewelers on December $31,20$X$1.$

BENS JEWELERS

Trial Balance

December $31,20$X$1$

Cash $ $13,500$ Dr$.$

Accounts Receivable $50,350$ Dr$.$

Allowance for Doubtful Accounts $2,450$ Cr$.$

Merchandise Inventory $106,350$ Dr$.$

Store Supplies $4,680$ Dr$.$

Office Supplies $3,400$ Dr$.$

Store Equipment $114,040$ Dr$.$

Accumulated DepreciationStore Equipment $13,460$ Cr$.$

Office Equipment $28,090$ Dr$.$

Accumulated DepreciationOffice Equipment $5,380$ Cr$.$

Accounts Payable $4,840$ Cr$.$

Salaries Payable

Social Security Tax Payable

Medicare Tax Payable

Federal Unemployment Tax Payable

State Unemployment Tax Payable

Ben Waites, Capital $166,760$ Cr$.$

Ben Waites, Drawing $30,450$ Dr$.$

Income Summary

Sales $864,030$ Cr$.$

Sales Returns and Allowances $8,030$ Dr$.$

Purchases $505,260$ Dr$.$

Purchases Returns and Allowances $4,690$ Cr$.$

Purchases Discounts $13,020$ Cr$.$

Freight In $7,450$ Dr$.$

Salaries ExpenseSales $76,400$ Dr$.$

Rent Expense $35,950$ Dr$.$

Advertising Expense $12,750$ Dr$.$

Store Supplies Expense

Depreciation ExpenseStore Equipment

Salaries ExpenseOffice $77,930$ Dr$.$

Uncollectible Accounts Expense

Payroll Taxes Expense

Office Supplies Expense

Depreciation ExpenseOffice Equipment

Required:

Complete the worksheet.

a$.$b$.$ Ending merchandise inventory, $$99,150.$

Uncollectible accounts expense, $$1,450.$

Store supplies on hand December $31,20$X$1,$ $$670.$

Office supplies on hand December $31,20$X$1,$ $$350.$

Depreciation on store equipment, $$11,400.$

Depreciation on office equipment, $$3,480.$

Accrued sales salaries, $$4,450,$ and accrued office salaries, $$1,450.$

Social security tax on accrued salaries, $$344$; Medicare tax on accrued salaries, $$85.($Assumes that tax rates have increased.$)$

Federal unemployment tax on accrued salaries, $$65$; state unemployment tax on accrued salaries, $$288.$

Journalize the adjusting entries on December $31,20$X$1.$

Journalize the closing entries on December $31,20$X$1.$

Compute the following:

net sales

net delivered cost of purchases

cost of goods sold

net income or net loss

balance of Ben Waites, Capital on December $31,20$X$1.$

Analyze:

What change$($s$)$ to Ben Waites, Capital will be reported on the statement of owners equity?