Project #6531 - Account

 

Cash 15500  
Supplies 7000  
Prepaid insurance 6500  
Equipment 143790  
accumulated depreciation   26000
accounts payable   5800
interest payable   0
rent payable   0
wages payable   0
property taxes payable   0
Long-term notes payable   21000
S.Adams capital   89000
S.Adams withdrawals 35000  
Construction fees earned   138000
depreciation expense equipment 0  
Wages expense 46000  
Interest expense 2310  
Insurance expense 0  
Rent expense 12000  
Supplies expense 0  
Property Taxes expense 4600  
repairs expense 2300  
utilities expense 4800  

 

a. The supplies available at the end of fiscal year 2011 had a cost of $2,520.
b. The cost of expired insurance for the fiscal year is $4,095.
c. Annual depreciation on equipment is $8,600.
d.

The June utilities expense of $500 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $500 amount owed needs to be recorded.

e. The company’s employees have earned $1,400 of accrued wages at fiscal year-end.
f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300.
g.

Additional property taxes of $800 have been assessed for this fiscal year but have not been paid or recorded in the accounts.

h.

The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2011 fiscal year. The $210 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,500 payment toward the note payable during the 2012 fiscal year.)

with this information you must produce adjusting entries, adjustments, adjusted trial balance income statement, balance sheet & statement of owners equity and ending entries. prepare the classified balance sheet at june 30 2011. all information must be organized in a way I can debit and credit accounts appropriatly

 

Subject Business
Due By (Pacific Time) 05/24/2013 12:00 am
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