The fiscal year-end unadjusted trial balance for Lee Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Lee Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,850. b. Expired insurance, an administrative expense, for the fiscal year is $1,440. c. Depreciation expense on store equipment, a selling expense, is $6,100 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,590 of inventory is still available at fiscal year-end. General Journal Multiple Step IS General Requirement Trial Balance Single Step IS Balance Sheet Rat Ledger For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the requir View transaction list Journal entry worksheet 3 4 5 6 7 Store supplies still available at fiscal year-end amount to $1,850. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Store supplies expense Store supplies Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 6 7 4 5 Expired insurance, an administrative expense, for the fiscal year is $1,440. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Insurance expense 1,440 Prepaid insurance 1,440 Record entry Clear entry View general Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the requi View transaction list Journal entry worksheet 2 5. 6 7 8 4 Depreciation expense on store equipment, a selling expense, is $6,100 for the fiscal year. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Depreciation expense - Store equip. 6,100 Accumulated depreciation - Store equip. 6,100 Record entry Clear entry View general Journal Journal entry worksheet 2 3 4 5 6 7 8 To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,590 of inventory is still available at fiscal year-end. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal Journal Ledger IS iance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing ent View transaction list Journal entry worksheet 6 8 Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal Journal For transactions 1-4 prepare the required adjusting journai entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 5. > Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 General Journal Multiple Step Single Step IS Balance Sheet General Requirement Trial Balance IS Ratios Ledger For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entr View transaction list Journal entry worksheet 6. 8 Record the entry to close income summary. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Trai Balance Requirement Journal Ledger IS For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entrie View transaction list Journal entry worksheet 5 6 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal 7. fiscal year-end. General Ledger Multiple Step IS Ratios General Journal Single Step IS Balance Sheet Trial Balance Requirement Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Adjusted Lee Company Income Statement For Year Ended January 31, 2019 Net sales Gross profit fiscal year-end. Multiple Step IS General Journal General Single Step IS Balance Sheet Ratios Trial Balance Requirement Ledger Prepare a classified balance sheet as of January 31, 2017. Adjusted Lee Company Balance Sheet January 31, 2019 Assets Current Assets Plant assets Total assets Liabilities and Equity Liabilities Ooo oo General Journal Multiple Step single Step IS Balance Sheet IS General Ratios Requirement Ledger Trial Balance Compute the following ratios as of January 31, 2017. Round each ratio to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio Balance Sheet Ratios Loe Company Trial Balance January 31, 2019 Account Title Debit Credit 10,150 Cash 10,200 Merchandise inventory Store supplies Prepaid insurance 5,550 860 61,000 Store equipment 33,550 Accumulated depreciation - Store equip. 10,400 Accounts payable 5,400 Common stock 27,600 Retained earnings 4,100 Dividends 114,000 Sales 3,400 Sales discounts 3,600 34,000 6,100 29,000 Sales returns and allowances Cost of goods sold Depreciation expense - Store equip. Salaries expense 1,440 Insurance expense 11,600 9,950 Rent expense Advertising expense 190,950 $ 190,950 Total