The fiscal year-end unadjusted trial balance for Lee Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Lee 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 $1,850. b. Expired insurance, an administrative expense, for the fiscal year is $1,440. c. Depreciation expense on store equipment, a selling expense, is $6,100 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,590 of inventory is still available at fiscal year-end. General Requirement General Multiple Step Journal Trial Balance Ratios Single Step IS Balance Sheet Ledger IS General Journal tab - Prepare any necessary adjusting entries. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step Income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a classified balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio, Terme General Journal > Journal entry worksheet Store supplies still available at fiscal year-end amount to $1,850. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal Journal entry worksheet To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,590 of inventory is still available at fiscal year-end. Note: Enter debits before credits. Account Title Debit Credit Date Jan 31 Journal entry worksheet Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal Journal entry worksheet Record the entry to close the withdrawals account. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Record entry Clear entry View general journal Unadjusted General Ledger Account Cash Merchandise Inventory Debit Credit No. Debit Credit No. Date Jan 31 Balance 10,150 Date Jan 31 Balance 10,200 Store supplies Debit Credit Prepaid insurance Credit No. No. Debit Date Jan 31 Balance 5,550 Date Jan 31 Balance 2,300 Store equipment Debit No. Date Jan 31 Credit No Balance 61,000 Accumulated depreciation - Store equip. Date Debit Credit Balance Jan 31 27,450 No. Accounts payable Debit Credit Common stock Debit Credit No. Date Jan 31 Balance 10,400 Date Jan 30 Balance 5,400 Retained earnings Debit Credit No. Dividends Debit Date Jan 31 Balance No Credit 27,600 Date Jan 31 Balance 4,100 Sales Sales discounts No. Date Debit Credit No. Date Debit Balance 114,000 Credit Jan 31 Balance 3,400 Jan 31 Jan 31 5,550 Jan 31 2,300 Store equipment Accumulated depreciation - Store equip. No. Debit Credit No. Date Jan 31 Debit Credit Balance Balance 61,000 Date Jan 31 27,450 Common stock Accounts payable Debit Credit No. Date No. Date Debit Credit Jan 31 Balance 10,400 Balance 5,400 Jan 30 Retained earnings Debit Credit No. Dividends Debit Date Jan 31 No. Credit Balance Balance 27,600 Date Jan 31 4,100 Sales Sales discounts No. Debit Date Jan 31 Credit Balance 114,000 No. Debit Credit Date Jan 31 Balance 3,400 No. Sales returns and allowances Debit Credit Jan 31 Date No. Cost of goods sold Debit Credit Balance 3,600 Date Jan 31 Balance 34,000 Salaries expense Debit Credit Rent expense No. No. Date Jan 31 Debit Credit Balance 29,000 Date Jan 31 Balance 11,600 Advertising expense Debit Credit No. Date Jan 31 Balance 9,950 Dates: Jan 31 to: Jan 31 Unadjusted Lee Company Trial Balance January 31, 2017 Debit Credit Account Title S 10,150 10,200 5,550 2,300 61,000 27,450 10,400 5,400 27,600 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 4,100 114,000 3,400 3,600 34,000 29,000 11,600 9,950 184,850 $ $ 184,850 General Ledger Multiple Step Is > Income Statement For Year Ended January 31, 2019 $ 0 $ 0 0 Net sales 0 0 0 Gross profit 0 + 0 0 0 Unadjusted Lee Company Income Statement For Year Ended January 31, 2019 Revenues: Net sales $ 0 $ 0 0 Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Net income 0 0 0 Unaujus eu Lee Company Balance Sheet January 31, 2019 Assets Current Assets $ 0 0 0 0 0 Plant assets $ 0 0 Total assets Liabilities and Equity Liabilities $ 0 0 Equity $ 0 + (4.100) Total liabilities and equity (4,100) $. (4,100) Ratios General General Requirement Trial Balance Multiple Step Journal Ledger Single Step Is Balance Sheet IS Compute the following ratios as of January 31, 2017. Round each ratio to 2 decimal places. Dates: Jan 31 Current ratio Acid-test ratio Gross margin ratio to: Jan 31 The fiscal year-end unadjusted trial balance for Lee Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Lee 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 $1,850. b. Expired insurance, an administrative expense, for the fiscal year is $1,440. c. Depreciation expense on store equipment, a selling expense, is $6,100 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,590 of inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step Single Step Is Balance Sheet IS Ratios General Journal tab - Prepare any necessary adjusting entries. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a classified balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Journal entry worksheet Expired insurance, an administrative expense, for the fiscal year is $1,440. Note: Enter debits before credits. Account Title Debit Date Jan 31 Credit Journal entry worksheet Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. Account Title Debit Credit Date Jan 31 Journal entry worksheet 1 2 3 4 5 6 Bu 00 Record the entry to close income summary. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Journal entry worksheet