Lee Technology Corporation_Completing the Accounting Cycle

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.

Adjusting Entries

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

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

Closing Entries

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

Lee Technology Corporation Worksheet December 31, 2014
Account Name	Unadjusted Trial Balance		Adjustments			Adjusted Trial Balance		Income Statement		Balance Sheet
	debit	credit		debit	credit	debit	credit	debit	credit	debit	credit
Cash	35,572
Accounts Receivable	59,680		g
Office Supplies	2,443		a
Prepaid Rent	2,400		b
Office Equipment	14,300
Accumulated Depreciation – Office Equipment		3,200	c
Accounts Payable		2,640
Notes Payable		15,000
Unearned Service Revenue		5,650	f
Interest Payable			d
Salaries Payable			e
Income Tax Payable			h
Common Stock		30,000
Retained Earnings		58,705
Dividends	15,000
Service Revenue		89,000	f g
Salaries Expense	58,000		e
Utilities Expense	3,600
Rent Expense	13,200		b
Office Supplies Expense			a
Depreciation Expense- Office Equipment			c
Interest Expense			d
Income Tax Expense			h
Total	204,195	204,195		15,170	15,170	214,285	214,285	86,195	92,775	113,090	113,090
Net Income
Total								92,775	92,775

Lee Technology Corporation_Completing the Accounting Cycle

NOT RATED

Purchase the answer to view it