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GL0503 - Based on Problem 5-5A LO C2, P3 The fiscal year-end unadjusted trial balance for Lee Company is found on the trial balance tab. Lee Company uses a perpetual Inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Descriptions of items that require adjusting entries on January 31 follow. a. Store supplies still available at fiscal year-end amount to $2,250. b. Expired insurance, an administrative expense, for the fiscal year is $1,600. c. Depreciation expense on store equipment, a selling expense, is $6,900 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,430 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 Compute the following ratos as of January 31. Round each ratio to 2 decimal places. Dates: Jan 31 to: Jan 31 1.74 Current ratio Acid-test ratio Gross margin ratio 67.66 Journal entry worksheet 1 2 3 4 5 6 7 8 a.) Store supplies still available at fiscal year-end amount to $2,250. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jan 31 Store supplies expense Record entry Clear entry View general journal Trial Balance January 31, 2010 Account Title Debit Credit 7,250 11,100 6,750 2,600 69,000 31,050 12,000 37,000 TALL DAD 5,600 Cash Merchandise inventory Store supplies Prepaid insurance store equipment Accumulated depreciation Store equipment Accounts payable H. Lee, Capital H. Lee, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Office salaries expense sales salaries expense Rent expense Office space Rent expense Selling space Advertising expense Total 122,000 3,700 3,900 37,000 16,000 16,000 6.400 6,400 10,350 202,050 $ 202,050 Lee Company Income Statement For Year Ended January 31 $ 0 $ $ 0 0 Net sales 0 0 0 0 Gross profit 0 0 0 0 0 0 0 0 0 OOO Lee Company Income Statement For Year Ended January 31 Revenues: $ 0 Expenses: $ 0 0 0 0 Net income Lee Company Balance Sheet January 31 Assets Current Assets Cash Merchandise inventory Store supplies Prepaid insurance 7,250 11,100 6,750 2,600 0 $ 27,700 Total current assets Plant assets Store equipment No joumal entry required Store equipment, net Total assets 69,000 0 69,000 $ 96,700 Liabilities and Equity 12,000 Liabilities Accounts payable No journal entry required Total liabilities O 12,000 Equity Requirement General Journal General Ledger Thal Balance Multiple Step IS Single Step 15 Balance Sheet Ratios to: Jan 31 Compute the following ratios as of January 31. Round each ratio to 2 decimal places. Dates: Jan 31 Current ratio 1.74 Acid-test ratio Gross margin ratio