GL0403 - Based on Problem 4-5A LO C2, P3 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. Requirement General General Multiple Step Journal Ledger Trial Balance IS Single Step Is Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $1,850. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet Expired insurance, an administrative expense, for the fiscal year is $1,440. Note: Enter debits before credits Date Account Title Debit Credit Jan 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 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 Record entry Clear entry View general Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 2 3 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 Account Title Debit Credit Date Jan 31 Record entry Clear entry View general Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list ok Journal entry worksheet 2 3 int 6 7 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 General Journal General Ledger Requirement Trial Balance Multiple Step IS Single Step Is Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 2 3 4 5 6 6 7 8 > Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Requirement General Journal Ratios General Ledger Multiple Step IS Trial Balance Single Step IS Balance Sheet For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet Expired insurance, an administrative expense, for the fiscal year is $1,440. Note: Enter debits before credits Date Account Title Debit Credit Jan 31 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 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 Record entry Clear entry View general Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 2 3 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 Account Title Debit Credit Date Jan 31 Record entry Clear entry View general Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list ok Journal entry worksheet 2 3 int 6 7 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 General Journal General Ledger Requirement Trial Balance Multiple Step IS Single Step Is Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 2 3 4 5 6 6 7 8 > Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Requirement General Journal Ratios General Ledger Multiple Step IS Trial Balance Single Step IS Balance Sheet For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet
