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St James: Prepare a Trial Balance, adjustments and worksheet

I am requesting assistance on the trial balance added to and completed to a worksheet for a month ending. All operating expenses under two accounts, Selling Expense and General Expense. If I could have guidance on the adjusted trial balance, adjustments, and the closing accounts.

Supplies consumed during the month, 1500. Half is selling expense and the other half is general expense

Depreciation for the month: building, $4000 furniture, $4800. One fourth of depreciation is selling expense and three-fourths is general expense.

Unearned sales revenue earned during January, $4580

Accrued salaries, a general expense, $1150

Inventory on hand, $63,720. St James uses the perpetual inventory system

Debit Credit
Cash 16,430
Accounts Receivable 19,090
Inventory 65,400
Supplies 2,700
Building 188,170
Accum. Depre- Building 36,000
Furniture 45,600
Accum deprec-Furniture 5,800
Accounts payable 28,300
Salary Payable
Unearned Sales revenue 6,560
Note payable, long-term 87,000
D. St. James capital 144,980
D. St. James withdrawls 9,200
Sales revenue 187,970
Sales discounts 7,300
Sales returns and allowances 8,140
Cost of goods sold 103,000
Selling expense 21,520
General expense 10,060
496,610 496,610

Solution Preview

Attached is an Excel worksheet showing the trial balance, adjustments and adjusted trial balance.

The closing entries are not usually prepared until after the balance sheet and income statement are completed.

The procedure for the closing ...

Solution Summary

in an Excel worksheet attached, the solution shows the trial balance, adjustments and adjusted trial balance for St James. The adjustment journal entries are given together with explanations. The process and explanations for closing entries are given,