Css 2018
 

Can someone explain what the adjusting entry of the highlighted part would be?

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answer
 

Hope this helps, there's one catch, the income summary. the question doesn't requires it, but again the person on the other end of the paper might deduct marks.

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Issue Store Supplies Entry
 

I think the entry for Store supplies should be

Supplies Exp(Dr) 3500

Store Supplies(Cr) 3500

as you are making adjusted trail balance with figure 1500

Closing Stock Inventory Adjustment
 

Don't you think
Closing Stock Inventory Adjustment would be like this.
How can we create a summery account.

Closing Stock Adjustment

Purchases(CR) 95000
Opening Merchandise Inv(CR) 45000
Purchases Ret(DR) 6500
CGS(DR) 98500
Closing Merchandise Inv(DR) 35000
[B]Total 140000 140000[/B]