prepare required adjusted journal entries from questions 1-4 and prepare closing entries from 5-8

then prepare adjusted income statement and balance sheet and the ratios

this is the correct trial balance

nework 0 Saved Help Save & Exit GL0403 - Based on Problem 4-5A LO C2, P3 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 activities. Lewis 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 still available at fiscal year-end. 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 View journal entryworksheet Post-closing Dates: Jan 31 to: Jan 31 Lewis Company Trial Balance January 31, 2019 Account Title Credit Debit 20,300 11,280 2,800 1,080 60,000 ences -Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable - Common stock Retained earnings Insurance expense Total 33,000 14,200 9,200 37,980 1,080 95,460 $ 95,460 Prepare a classified balance sheet as of January 31, 2017 Adjusted Lewis Company Balance Sheet January 31, 2019 Assets Os Current Assets Cash Merchandise inventory Store supplies Prepaid insurance 20,300 12,000 8,400 2,900 $ 43,600 Total current assets Plant assets oo Total assets $ 43,600 Liabilities and Equity Liabilities Accounts payable $ 14,200 Total liabilities $ 14,200 Equity Requirement General Journal General Ledger Trial Balance Multiple Step Is Single Step IS Balance Sheet Ratios 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. Adjusted Lewis Company Income Statement For Year Ended January 31, 2019 Revenues: Net sales $ 124,800 Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Net income 40,000 35,400 17,500 92,900 31,900 $ Multiple Step IS Balance Sheet > Prev 10 of 10 nework 0 Saved Help Save & Exit GL0403 - Based on Problem 4-5A LO C2, P3 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 activities. Lewis 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 still available at fiscal year-end. 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 View journal entryworksheet Post-closing Dates: Jan 31 to: Jan 31 Lewis Company Trial Balance January 31, 2019 Account Title Credit Debit 20,300 11,280 2,800 1,080 60,000 ences -Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip. Accounts payable - Common stock Retained earnings Insurance expense Total 33,000 14,200 9,200 37,980 1,080 95,460 $ 95,460 Prepare a classified balance sheet as of January 31, 2017 Adjusted Lewis Company Balance Sheet January 31, 2019 Assets Os Current Assets Cash Merchandise inventory Store supplies Prepaid insurance 20,300 12,000 8,400 2,900 $ 43,600 Total current assets Plant assets oo Total assets $ 43,600 Liabilities and Equity Liabilities Accounts payable $ 14,200 Total liabilities $ 14,200 Equity Requirement General Journal General Ledger Trial Balance Multiple Step Is Single Step IS Balance Sheet Ratios 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. Adjusted Lewis Company Income Statement For Year Ended January 31, 2019 Revenues: Net sales $ 124,800 Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Net income 40,000 35,400 17,500 92,900 31,900 $ Multiple Step IS Balance Sheet > Prev 10 of 10