The unadjusted trial balance of Lee Service Company at November 30, 2017, and the related month-end adjustment data are as follows Lee Service Company Trial Balance 30- Nov-17 Accounts Balance Debit Credit Cash 16,900 Accounts receivable 5,100 Prepaid Insurance 4,500 Supplies 2,100 Motor Vehicle 66,000 Accurmulated depreciation 6,600 Accounts payable 13,300 Salary payable Lee, capital 68,000 Lee, drawings 5,600 Service revenue 19,600 Salary expense Rent expense 5,500 Fuel experse OOBT Insurance Expense Depreciation expense Supplies expense 107,500 107,500 Adjustment data at Nov 30 follow: 1. $500 of the prepaid insurance expired during the month 2. Accrued service revenue at Nov 30, $11,500 3. Unrecorded cash drawings amounted to $1000 4. Depreciation on motor vehicle for the month, $1,200. S. Accrued salary expense at Nov 30, $3000 6. Supplies on hand at Nov 30, $1,100 Requirement: From the information presented above: Prepare the following: 1. Adjusted trial balance as at Nov 30, 2017 2 Income statement for the year ended Nov 30, 2017 3. Owner's equity statement for year ended Nov 30, 2017 4. Balance sheet as at June Nov 30, 2017 5. Closing entries as at Nov 30, 2017 6. Post-closing trial balance as at Nov 30, 2017
The unadjusted trial balance of Lee Service Company at November 30, 2017, and the related month-end adjustment data are as follows Lee Service Company Trial Balance 30- Nov-17 Accounts Balance Debit Credit Cash 16,900 Accounts receivable 5,100 Prepaid Insurance 4,500 Supplies 2,100 Motor Vehicle 66,000 Accurmulated depreciation 6,600 Accounts payable 13,300 Salary payable Lee, capital 68,000 Lee, drawings 5,600 Service revenue 19,600 Salary expense Rent expense 5,500 Fuel experse OOBT Insurance Expense Depreciation expense Supplies expense 107,500 107,500 Adjustment data at Nov 30 follow: 1. $500 of the prepaid insurance expired during the month 2. Accrued service revenue at Nov 30, $11,500 3. Unrecorded cash drawings amounted to $1000 4. Depreciation on motor vehicle for the month, $1,200. S. Accrued salary expense at Nov 30, $3000 6. Supplies on hand at Nov 30, $1,100 Requirement: From the information presented above: Prepare the following: 1. Adjusted trial balance as at Nov 30, 2017 2 Income statement for the year ended Nov 30, 2017 3. Owner's equity statement for year ended Nov 30, 2017 4. Balance sheet as at June Nov 30, 2017 5. Closing entries as at Nov 30, 2017 6. Post-closing trial balance as at Nov 30, 2017
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The unadjusted trial balance of Lee Service Company at November 30, 2017, and
the related month-end adjustment data are as follows
Lee Service Company
Trial Balance
30- Nov-17
Accounts
Balance
Debit
Credit
Cash
16,900
Accounts receivable
5,100
Prepaid Insurance
4,500
Supplies
2,100
Motor Vehicle
66,000
Accurmulated depreciation
6,600
Accounts payable
13,300
Salary payable
Lee, capital
68,000
Lee, drawings
5,600
Service revenue
19,600
Salary expense
Rent expense
5,500
Fuel experse
OOBT
Insurance Expense
Depreciation expense
Supplies expense
107,500
107,500
Transcribed Image Text:Adjustment data at Nov 30 follow:
1. $500 of the prepaid insurance expired during the month
2. Accrued service revenue at Nov 30, $11,500
3. Unrecorded cash drawings amounted to $1000
4. Depreciation on motor vehicle for the month, $1,200.
S. Accrued salary expense at Nov 30, $3000
6. Supplies on hand at Nov 30, $1,100
Requirement:
From the information presented above: Prepare the following:
1. Adjusted trial balance as at Nov 30, 2017
2 Income statement for the year ended Nov 30, 2017
3. Owner's equity statement for year ended Nov 30, 2017
4. Balance sheet as at June Nov 30, 2017
5. Closing entries as at Nov 30, 2017
6. Post-closing trial balance as at Nov 30, 2017
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