Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

question no.1 is not necessary so don't make journal Start from the adjusted trial balance shown below that Lee Management Cansulting pre ting the acocuning

image text in transcribed

question no.1 is not necessary so don't make journal

Start from the adjusted trial balance shown below that Lee Management Cansulting pre ting the acocuning cyde pared at June 30, 2016 2.Totel essets, $31,541 LEE MANAGEMENT CONSULTING Adjusted Trial Balance June 30, 2016 Cash Accounts receivable Supplies 23,750 1,900 1,000 S 42 5,000 Accounts payable Salaries payabe Unearned revemue Michael Lee, capital Michael Lee, withdrawals Service revenue 5,000 500 2,000 167 3,000 500 Rent expense Salaries expense Supplies expense Utilities experse 250 1. Joumalize, with explanations, and post to T-accounts the csing entries at June 30, 6 Denote each cloeing amount as Clo and account balance as Be 2. Prepare a classified balance sheet in report format at June 30,3016 3. Compute the current ratio and the debt ratio of Loe Management Consulting and evalu ate these ratio values as indicative of a strong or weak tinancial position 4. Prepare a post-dlosing trial balanoe at June 30, 2016

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Teaching Calculation Audit And Test

Authors: Richard English

1st Edition

144627277X, 978-1446272770

More Books

Students also viewed these Accounting questions