(Solved): Adjusted Trial Balance Adjusted Trial Balance Adjusted Trial Balance Required 1. Joumalize The O ...

Adjusted Trial Balance Adjusted Trial Balance Adjusted Trial Balance Required 1. Joumalize The Open Space's closing entries. 2. Compute the gross margin percentage and the rate of inventory turnover for 2023. Inventory on hand one year ago was $$\$10,700$$. For 2022 . The Open Space's gross margin was 35 percent, and inventory turnover was $$4.6$$ times during the year. Does the two-year trend in these ratios suggest improvement or deterioration in profitability? The adjusted trial balance of The Open Space at November 30, 2023, is shown below. The Open Space uses the nernettal inventnru svstem Requirement 1. Joumalize The Open Space's closing entries. First, close the revenue accounts. (Record debits first, then credits. Exclude explanations from journal entries.)