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I still need the general journal including the closing entries and the general ledger entries.

This is everything I have and the numbers are correct on the I/S, B/S, and Post Closing Trial Balance. I just need to know what closing entries to add to the journal entry and if I did the general ledgers correctly...

This is everything I have and the numbers are correct on the I/S, B/S, and Post Closing Trial Balance. I just need to know what closing entries to add to the journal entry and if I did the general ledgers correctly...

HOW TO PROCEED 1. Enter the current period transactions in the General Journal. Use the joumal entry number for each transaction as a reference. It is not necessary to include an explanation for the entries in this problem. 2. Enter the beginning balances for each account in the General Ledger and post the current period journal entries to the accounts in the General Ledger. 3. Balance each account in the General Ledger. 4. List each account balance on the Unadjusted Trial Balance. 5. Record the adjusting entries in the General Journal. Post the adjusting entries to the General Ledger and re-balance each account. 6. List each account balance on the Adjusted Trial Balance. 7. Prepare a multiple-step Income Statement, a Statement of Retained Earnings, and a classified Balance Sheet. 8. Record the year-end closing entries in the General Journal, post them to the General Ledger, and re-balance each account. 9. Prepare a Post-Closing Trial Balance. REQUIREMENTS COMPLETE THE FOLLOWING FOR THE PERIOD CURRENTLY ENDED: 1. General Journal - should include current period entries, adjusting entries and closing entries. 2. General Ledger - with all journal entries appropriately posted. 3. Unadjusted Trial Balance - which you will complete prior to making adjusting entries. 4. Adjusted Trial Balance - which you will use to prepare the financial statements. 5. Income Statement (Multiple Step) - including Earnings-Per-Share. 6. Statement of Retained Earnings. 7. Balance Sheet (Classified). 8. Post-Closing Trial Balance. SUMMARY INFORMATION 1. BACKGROUND: Sam's Sports was incorporated on January 1, 2013 with 80,000 shares of $1 par value common stock authorized. All 80,000 shares have been issued. 2. The company's accounting period ends on December 31 of each year. 3. ACCOUNTING POLICIES: The company uses the following generally accepted accounting principles in presenting financial information: a. INVENTORY VALUATION - First-in, first-out method on a perpetual basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand. b. DEPRECIATION - Straight-line. 4. As of the close of business on December 31, 2021, the company had the following trial balance: Sam's Sports Post-Closina Trial Balance INFORMATION FOR CURRENT PERIOD TRANSACTIONS When applicable, round amounts to the nearest dollar. Information for Adjusting Journal Entries After creating the journal entries to record the current year transactions, posting those entries to the ledger accounts, balancing each account, and preparing the unadjusted trial balance, an inspection of the balances indicates that the following adjusting entries are required: AJE \# 1. As the result of a physical count, year-end Merchandise Inventory was determined to be $151,100. Adjust the Merchandise Inventory account to reflect the amount of inventory overage or shortage. 2. Record the depreciation expense on Equipment for the year. All depreciable assets were purchased on the date of incorporation and have an estimated useful life of 20 years, with a residual (salvage) value equal of 10% of original costs. 3. Income Tax Expense for the year is estimated to be $94,150. FNIFD AI I IR AI Pano 4 Account 1110 CASH Account 1120 ACCOUNTS RECEIVABLE Account 1130 MERCHANDISE INVENTORY Account 1230 EOUIPMENT Account 1231 ACCUMULATED DEPRECIATION - EQUIPMENT Acoount 2110 ACCOINTS PAYARI.F. Account 2210 INCOME TAX PAYABLE Account 3010 COMMON STOCK (\$1 PAR) GENERAL LEDGER Page 8 Account 3020 PAID-IN CAPITAL IN EXCESS OF PAR Account 3040 RETAINED EARNINGS GENERAL LEDGER Aconunt 4010 SAI.FS RFVF.NIJF. Aconunt 5070 COST OF GOODS SOI I Account 6010 SALARIES \& WAGES EXPENSE Account 6060 TELEPHONE \& UTILITY EXPENSE GENERAL LEDGER Page 10 Anmount GOTC DFNT FVDFNSE Account 6120 DEPRECIATION EXPENSE - EOUIPMENT Accomnt 6410 INCOMF. TA X FXPFNSF \begin{tabular}{|l|l|l|l|l|} \hline \multirow{2}{*}{ CL3 } & & & & \\ \cline { 2 - 6 } & & & & \\ \hline \end{tabular} AgGount 1110 CASH Ageount 1120 ACCDUNTS RECEIYABLE Account 1130 MERCHANDISE INHENTORY Account 1230 EQUIPMENT Account 1131 ACCUMULATED DEPRECIATION - EQUIPMENT \begin{tabular}{|c|c|c|rr|rr||} \hline \hline JE\# & TEIM & \multicolumn{2}{|c|}{ DEBI } & \multicolumn{2}{|c|}{ CREDI } & \multicolumn{2}{|c|}{ Balance } \\ \hline & BEGINNING BALANCE & & $ & 151,875 & $ & 151,875 \\ \hline AJ2 & Depreciation Expense & & $ & 16,875 & $ & 168,750 \\ \hline & & & & & & \\ \hline \hline \end{tabular} Account 2110 ACCOUNTS PAYABLE Account 2210 INCOME TAX PAYABLE \begin{tabular}{|c|c|c|c|cr||} \hline \hline JE\# & TEM & DEBI & CREDI & \multicolumn{2}{|c||}{ Balance } \\ \hline & BEGINNING BALANCE & & & & \\ \hline AJ3 & Income Tax Expense & & $44,150 & $ & 94,150 \\ \hline & & & & & \\ \hline \hline \end{tabular} Account 3010 COMMON STOCK (\$1 PAR) Account 3020 PAID-IN CAPITAL IN EXCESS OF PAR Account 3030 Income Summary Account 3040 RETAINED EARNINGS \begin{tabular}{|c|c|c|cr|rr||} \hline \hline JE\# & TEM & DEBI & \multicolumn{2}{|c|}{ CREDI } & \multicolumn{2}{c|}{ Balance } \\ \hline & BEGINNING BALANCE & & $ & 185,625 & $ & 185,625 \\ \hline & Income Summary & & $ & 141,475 & $ & 327,100 \\ \hline & & & & & & \\ \hline \hline & & & & & & \\ \hline \hline \end{tabular} Account 4010 SALES REVENUE Account 5020 COST OF GOODS SOLD Account 6010 SALARIES \& WAGES EXPENSE Account 6060 TELEPHONE \& UTILITY EXPENSE Account 6070 RENT EXPENSE Account 6120 DEPRECIATION EXPENSE - EQUIPMENT Account 6410 INCOME TAX EXPENSE Samis Sports Unadjusted Trial Balanoe As of Deoember 31,2022 Samis Sports Adjusted Trial Balance As of Deoember 31,2022 Sam's Sports INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2022 \begin{tabular}{|l|l|l|l|} \hline Sales & & & $2,254,200 \\ \hline Less Cost of Goods Sold & & & $(1,386,250) \\ \hline Gross Profit & & & $867,950 \\ \hline Operating Expenses & & & \\ \hline Salaries and Wages Expense & & $(525,000) & \\ \hline Telephone and Utilities Expense & & $(20,200) & \\ \hline Rent Expense & & $(70,500) & \\ \hline Depreciation Expense - Equipment & & $(16,875) & \\ \hline Total Operating Expenses & & & $(632,575) \\ \hline Income from Operations before Tax & & & $235,375 \\ \hline Income Tax & & & $(94,150) \\ \hline Net Income & & & $141,225 \\ \hline & & & \\ \hline & & & $2 \\ \hline \end{tabular} Sam's Sports STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2022 BLNCE SHEET As of December 31,2022 Sam's Sports Post-Closing Trial Balance As of December 31, 2022

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