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GL0503 - Based on Problem 5-5A LO C2, P3 The fiscal year-end unadjusted trial balance for Lee Company is found on the trial balance tab. Lee Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative Descriptions of items that requlre adjusting entries on January 31 follow. a. Store supplies still available at fiscal year-end amount to $2,250, b. Expired insurance, an administrative expense, for the fiscal year is $1,600. c. Depreciation expense on store equipment, a selling expense, is $6,900 for the fiscal year. 1. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It shows $10,430 of inventory is still available at fiscal year-end General General Requirement Multiple Step Single Step Is Balance Sheet Journal Trial Balance Ratios Ledger 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 CIGU equirement UCHIGIGI Journal Trial Balance IS Single Step IS Balanc Ledger or transactions 1-4 prepare the required adjusting Journal entries. For transactions 5-8, Pr View transaction list Journal entry worksheet 69 Record the entry to close Income statement accounts with debit balances. ote: Enter debits before credits. Date Account Title Dobit Credit Jan 31 For transactions 1-4 prepare the required adjusting Journal entries. For transactions 5-8, prepare the required View transaction list Journal entry worksheet