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:

Socioeconomic Position

A person or group's rank within a societal hierarchy, often determined by factors such as income, education, and occupation.

Multiplicative

Pertaining to or involving multiplication, often relating to processes or effects that are increased exponentially.

Doctors Per Capita

is a measure indicating the number of medical doctors (physicians) available per thousand people in a given population.

High-Income Countries

Nations with very high levels of Gross Domestic Product (GDP) per capita, reflecting substantial economic prosperity and industrial development.