Journalize the following adjusting entries as of fiscal year | Quick Homework Help
The following unadjusted trial balance is for Power and Demolition Company as of year-end for the April 30, 2015 fiscal year. The April 30, 2015 credit balance of the owner’s equity account is $46,900, and the owner invested $40,000 cash in the company during 2015.
|
NO. Don't use plagiarized sources. Get Your Custom Essay on
Journalize the following adjusting entries as of fiscal year | Quick Homework Help
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
|
Account Title |
Debit |
Credit |
|
101 |
Cash |
$7,000 |
|
|
126 |
Supplies |
$16,000 |
|
|
128 |
Pre-paid insurance |
$12,600 |
|
|
167 |
Equipment |
$200,000 |
|
|
168 |
Accumulated depreciation – equipment |
$14,000 |
|
|
201 |
Accounts payable |
$6,800 |
|
|
251 |
Long-term notes payable |
$30,000 |
|
|
301 |
Bonn, equity |
$86,900 |
|
|
302 |
Bonn, withdrawals |
$12,000 |
|
|
401 |
Demolition fees earned |
$187,000 |
|
|
623 |
Wage expense |
$41,400 |
|
|
633 |
Interest expense |
$3,300 |
|
|
640 |
Rent expense |
$13,200 |
|
|
683 |
Property tax expense |
$9,700 |
|
|
684 |
Repairs expense |
$4,700 |
|
|
690 |
Utilities expense |
$4,800 |
|
|
TOTALS |
$324,700 |
$324,700 |
Instructions:
a) Journalize the following adjusting entries as of fiscal year-end April 30, 2015.
b) Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance.
c) Create financial statements.
The supplies available at the end of fiscal 2015 year are at a cost of $7,900.
The cost of expired insurance for the fiscal year is $10,600.
Annual depreciation on equipment is $7,000; no other depreciation adjustment was made in 2015.
The April utilities expense of $800 is not included in the adjusted trial balance, because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded..
The company’s employees have earned $2000 of accrued wages in the fiscal year.
The rent expense not yet paid or recorded in the fiscal year is $3000.
AIDitional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts.
The $300 accrued interest for April has not yet been paid and reported.
