Lee technology Corporation trial Balance
Determining Adjusting Entries, posting to t Accounts, and preparing an Adjusted trial Balance
p11. Lee Technology Corporation’s trial balance on December 31, 2014, is as follows.
Lee technology Corporation trial Balance
December 31, 2014
Cash 35,572 Â
Accounts Receivable59,680
Office Supplies2,443
Prepaid Rent2,400
Office Equipment14,300
Accumulated Depreciation—Office Equipment 3,200
Accounts Payable 2,640
Notes Payable 15,000
Unearned Service Revenue 5,650
E. Lee, Capital 88,705
E. Lee, Withdrawals 15,000 Â
Service Revenue 89,000
Salaries Expense 58,000 Â
Utilities Expense 3,600 Â
Rent Expense 13,200 Â
 204,195 204,195
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The following information is also available:
a. Â Â Ending inventory of office supplies, $538
b. Â Â Prepaid rent expired, $1,200
c. Â Â Â Depreciation of office equipment for the period, $800
d. Â Â Interest accrued on the note payable, $750
e. Â Â Â Salaries accrued at the end of the period, $800
f. Â Â Â Service revenue still unearned at the end of the period, $3,675
g. Â Â Service revenue earned but not billed, $1,800
REQUIRED
1.   Open T accounts for the accounts in the trial balance plus the following: Interest Payable; Salaries Payable; Office Supplies Expense; Depreciation Expense—Office Equipment; and Interest Expense. Enter the account balances.
2. Â Â Determine the adjusting entries and post them directly to the T accounts.
3. Â Â Prepare an adjusted trial balance.
4. Â Â ACCounting ConneCtion â–¶ Which financial statements do each of the above adjustments affect? What financial statement is not affected by the adjustments?
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Answers
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Posted 07 May 2017 03:05 PM
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