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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 gene 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 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 cassified balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. Journal entry worksheet

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