ID Last 4 Student Lee Company Adjusting Journal Entries September 30, 2017 09/30

Question

ID Last 4 Student Lee Company Adjusting Journal Entries September 30, 2017 09/30/17 h) Lee determined that $2,000 of the supplies were on hand on hand 09/30/17 D The company purchased 400,000 of equipment on September 1 at 09/30/17 , 2017 $300,000 cash, the balance, issued a note payable . The salvage value is $160,000, estimated life of 5 years. 09/30/17 ) The balance of unearned revenue was $10,000 at the end of the month 09/30/17 k) Recompute and record the accrued interest expense (one month) on September 30, 2017. The note payable is due on December 31, 2017 and the interest rate 12%. Show your calculation and round the interst expense to the nearest $100 (for example if the interest expense is > $950 round to $1,000 AJE h (Supplies) DebitCredi Supplies Expense

Explanation / Answer

Working capital = 2188000-111000= 2077000

current ratio= 19.71

D to E= 111000/2473000= 4.49%

Fees earned          4,90,000 Expenses Salaries expense Supplies expense                9,000 Rent expense                3,000 Insurance expense Depreciation expense                4,000 Interest expense                1,000 Net income          4,73,000 Lee capital , beginnig        20,00,000 Net income          4,73,000 Subtotal        24,73,000 withdrawals Lee capital ending        24,73,000

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