The Following Accounts Are from the Athletics Store Worksheet Dated

question 10

Essay

The following accounts are from the Athletics Store worksheet dated March 31 of the current year:
The data needed for adjustments on March 31 are as follows:
$\begin{array}{lr}\text { Cash } & \$ 8,250 \\\text { Accounts Receivable } & 21,400 \\\text { Merchandise Inventory } & 48,700 \\\text { Store Supplies } & 3,106 \\\text { Prepaid Insurance } & 2,380 \\\text { Store Equipment } & 29,400\\\text { Accumulated Depreciation, Store Equipment } & 8,630 \\\text { Accounts Payable } & 16,350 \\\text { T. Phelps, Capital } & 157,900 \\\text { T. Phelps, Drawing } & 32,570 \\\text { Sales } & 203,842 \\\text { Sales Returns and Allowances } & 1,770\\\text { Purchases } & 146,910 \\\text { Purchases Returns and Allowances } & 3,527 \\\text { Purchase Discounts } & 2,615 \\\text { Freight In } & 6,947 \\\text { Wages Expense } & 28,400 \\\text { Advertising Expense } & 3,219 \\\text { Rent Expense } & 19,200\end{array}$ Instructions: (Note: use t-accounts to assist in calculation the below items.)
a-b. Merchandise Inventory, March $31 , \$ 46,250$ .
c. Insurance expired for the year, $\$ 1,580$ .
d. Depreciation for the year, $\$ 4,230$ .
e. Accrued wages on January $31 , \$ 2,513$ .
f. Supplies used during the year $\$ 950$ .
1.Journalize the adjusting entries.
2.Journalize the closing entries.
3.Journalize the reversing entries.

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Definitions:

Interactive Processes

A series of actions or steps taken for the purpose of achieving communication or interaction between entities or people.

Family Nurturing

The process of providing emotional, physical, and social support within the family unit to promote its well-being and growth.

Domestic Violence

A pattern of behavior in a relationship that is used to gain or maintain power and control over an intimate partner.

Economic Status

The social or financial position of an individual or group within a society, often measured by income, wealth, and employment.