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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
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, 2016Step by Step Solution
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