Merchandiser’s partial work sheet, adjusting entries, and gross profit LO1 LO2 LO3 LO4 L...

Merchandiser’s partial work sheet, adjusting entries, and gross profit LO1 LO2 LO3 LO4 LO5 LO6 LO7

The following unadjusted trial balance is prepared at fiscal year-end for Helix Company.

Helix Company uses a periodic inventory system.

Required

1. Prepare adjusting journal entries to reflect each of the items below. Record your entries on a (partial)

work sheet, using Exhibit 13.4 as a guide.

a. Store supplies still available at year-end amount to $2,550.

b. Expired insurance for the year is $1,450.

c. Depreciation expense on store equipment is $1,975 for the year.

d. $10,300 of inventory is still available at fiscal year-end.

2. Complete the (partial) worksheet through the Adjusted Trial Balance columns.

3. Compute net sales.

4. Compute net purchases.

5. Compute cost of goods sold.

6. Compute gross profit.