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(Solved) Completing the Accounting Cycle I.


i need the solutions of this homework please,the adjusted trial balance is a bit tricky.

Completing the Accounting Cycle I.
Lee Technology Corporation
Unadjusted Trial Balance
December 31, 2014
Cash
$ 35,572
Accounts Receivable
59,680
Office Supplies
2,443
Prepaid Rent
2,400
Office Equipment
14,300
Accumulated Depreciation – Office Equipment
$ 3,200
Accounts Payable
2,640
Notes Payable
15,000
Unearned Service Revenue
5,650
Common Stock
30,000
Retained Earnings
58,705
Dividends
15,000
Service Revenue
89,000
Salaries Expense
58,000
Utilities Expense
3,600
Rent Expense
13,200
Total
$ 204,195
$ 204,195
The following information is also available:
a. Ending inventory of office supplies, $ 538
b. Prepaid rent expired, $ 1,200
c. Depreciation of office equipment for the period, $ 800
d. Interest accrued on the note payable, $ 750
e. Salaries accrued at the end of the period, $ 800
f. Service revenue still unearned at the end of the period, $ 3,675
g. Service revenue earned but not billed, $ 1,800
h. Estimated federal income taxes for the period, $ 5,940
Requirements:
1. Prepare the adjusting entries.
2. Prepare an adjusted trial balance.
3. Prepare the financial statements: Income Statement, Statement of Retained Earnings, and the Balance Sheet.
4. Prepare the closing entries.
5. Prepare a post-closing trial balance. Completing the Accounting Cycle I.doc mforce©20145 1|Page Adjusting Entries
a Office supply expenses
Office supplies b rental expense
Prepaid rent
c Depreciation expense
Accumulation depreciation equipment 1905
1905 1200
1200
800
800 d Note payable expense
Interest note payable 750 e 800 f g Salaries and wage expense
Salaries and wage payable 750 800 Unearned revenues
Service revenues 85,325 Account receivable
Service revenue 1800 h Income tax expense
Income tax payable Completing the Accounting Cycle I.doc mforce©20145 85,325 1800
5940
5940 2|Page Adjusted Trial Balance
Lee Technology Corporation
Adjusted Trial Balance
December 31, 2014
Cash
Accounts Receivable
Office Supplies
Prepaid Rent
Office Equipment
Accumulated Depreciation – Office Equipment
Accounts Payable
Interest Payable
Salaries Payable
Notes Payable
Unearned Service Revenue
Income Taxes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Utilities Expense
Rent Expense
Office Supplies Expense
Depreciation Expense – Office Equipment
Interest Expense
Income Tax Expense
Total Completing the Accounting Cycle I.doc mforce©20145 3|Page Financial Statements
Lee Technology Corporation Income Statement For the Year ending December 31, 2014 Lee Technology Corporation Statement of Retained Earnings
For the Year ending December 31, 2014 Lee Technology Corporation Balance Sheet December 31, 2014 Completing the Accounting Cycle I.doc mforce©20145 4|Page Closing Entries
R E I D Completing the Accounting Cycle I.doc mforce©20145 5|Page Post-closing Trial Balance
Lee Technology Corporation
Post-closing Trial Balance
December 31, 2014
Cash
Accounts Receivable
Office Supplies
Prepaid Rent
Office Equipment
Accumulated Depreciation – Office Equipment
Accounts Payable
Interest Payable
Salaries Payable
Notes Payable
Unearned Service Revenue
Income Taxes Payable
Common Stock
Retained Earnings
Total Completing the Accounting Cycle I.doc mforce©20145 6|Page Lee Technology Corporation Worksheet Account Name Cash
Accounts Receivable
Office Supplies
Prepaid Rent
Office Equipment
Accumulated Depreciation
– Office Equipment
Accounts Payable
Notes Payable
Unearned Service Revenue
Interest Payable
Salaries Payable
Income Tax Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Utilities Expense
Rent Expense
Office Supplies Expense
Depreciation ExpenseOffice Equipment
Interest Expense
Income Tax Expense
Total
Net Income
Total Unadjusted Trial
Balance
debit
credit
35,572
59,680
2,443
2,400
14,300
3,200
2,640
15,000
5,650 December 31, 2014
Adjustments
Adjusted Trial
Balance
debit
credit
debit
credit Income Statement
debit credit 86,195 92,775 92,775 92,775 Balance Sheet
debit credit 113,090 113,090 g
a
b
c f
d
e
h 30,000
58,705
15,000
89,000
58,000
3,600
13,200 f
g
e
b
a
c
d
h 204,195 204,195 15,17
0 15,170 214,285 214,285 Completing the Accounting Cycle I.doc mforce©20145 7|Page Completing the Accounting Cycle I.doc mforce©20145 8|Page

 


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