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I need the general journal adjustments and adjusted income statement and adjusted balance sheet and ratios. The fiscal year-end unadjusted trial balance for Lewis Company
I need the general journal adjustments and adjusted income statement and adjusted balance sheet and ratios.
The fiscal year-end unadjusted trial balance for Lewis Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative a 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 $2,800. b. Expired insurance, an administrative expense, for the fiscal year is $1,820. c. Depreciation expense on store equipment, a selling expense, is $6,000 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,280 of inventory is stil fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step Is Single Step IS Balance Sheet Ratios The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Unadjusted Dates: Jan 31 to: Jan 31 Lewis Company Unadjusted Dates: Jan 31 to: Jan 31 Lewis Company Trial Balance January 31, 2017 Account Title Credit Debit 20,300 12,000 8,400 2,900 60,000 -Cash Merchandise inventory Store supplies - Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold - Salaries expense Rent expense - Advertising expense Total 27,000 14,200 9,200 33,300 5,000 133,000 4,000 4,200 40,000 35,000 14,000 10,900 216,700 $ 216,700 Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent experte and salaries expense are equally divided between selling activities and the general and administrative activities. Unadjasted Lewis Company Income Statement For Your Ended January 31, 2019 Net sales OOO Gross profit Requirement General Joumal General Ledger Irial Balance Mulliple Slep Is Single Step 15 Bilance Sheet R atos A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Unadjusted Lewis Company Income Statement For Year Ended January 31, 2019 Revenues: Net sales Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Net Income 17,500 17,500 Multiple Step IS Balance Sheet >Step by Step Solution
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