Question

In: Accounting

ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2013 No. Account Title Debit Credit 101 Cash...

No.	Account Title
ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2013
101	Cash	19,000
126	Supplies	7,000
128	Prepaid insurance	6,000
167	Equipment	139,290
168	accumulated Depreciation – Equipment		$ 22,000
201	Accounts payable		6,200
251	Long-term notes payable		21,000
301	V. Ace, equity		79,900
302	V. Ace, withdrawals	26,500
401	Construction fees earned		144,000
623	Wages expense	49,000
633	Interest expense	2,310
640	Rent expense	13,000
683	Property taxes expense	4,100
684	Repairs expense	2,600
690	Utilities expense	4,300

	Totals	273,100	273,100

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.

Adjustments:

The supplies available at the end of fiscal year 2013 had a cost of $2,520.

The cost of expired insurance for the fiscal year is $3,780.

Annual depreciation on equipment is $8,700.

The June utilities expense of $520 is not included in the unadjusted trial balance, because the bill arrived after the trial balance was prepared. The $520 amount owed needs to be recorded.

The company’s employees have earned $1,500 of accrued wages at fiscal year-end.

The rent expense incurred and not yet paid or recorded at fiscal year-end is $300.

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

The $210 accrued interest for June has not yet been paid or recorded.

Expert Solution

Adjusting Entries (All dated April 30, 2015)

a) The supplies available at the end of fiscal year 2013 had a cost of $2,520.

Dr Supplies Expenses $ 2,520

Cr Supplies $2,520

b) The cost of expired insurance for the fiscal year is $3,780.

Dr Insurance Expenses $3,780

Cr Prepaid Insurance $3,780

c) Annual depreciation on equipment is $8,700.

Dr Depreciation Expenses - Equipment $ 8,700

Cr Accumulated Depreciatio - Equipment $8,700

d) The June utilities expense of $520 is not included in the unadjusted trial balance, because the bill arrived after the trial balance was prepared. The $520 amount owed needs to be recorded.

Dr Utilites Expense $ 520

Cr Accounts Payable $520

e) The company’s employees have earned $1,500 of accrued wages at fiscal year-end.

Dr Wages Expense $1,500

Cr Wages Payable $1,500

f) The rent expense incurred and not yet paid or recorded at fiscal year-end is $300.

Dr Rent Expense $ 300

Cr Rent Payable $300

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

Dr Property Tax Expenses $800

Cr Property Tax Payable $800

h) The $210 accrued interest for June has not yet been paid or recorded.

Dr Interest Expense $210

Cr Interest Payable $210

Adjusted Trial Balance

		Unadjusted Trial Balance		Adjustments				Adjusted Trial Balance
No.	Account Title	Dr.	Cr.	Dr.		Cr.		Dr.	Cr.
	Cash	19,000						19,000
	Supplies	7,000					2,520	4480
	Prepaid insurance	6,000					3,780	2,220
	Equipment	139,290						139,290
	Accumulated depreciation— Equipment		22,000				8,700		30,700
	Accounts payable		6,200				520		6,720
	Interest payable						210		210
	Rent payable						300		300
	Wages payable						1,500		1,500
	Property taxes payable						800		800
	Long-term notes payable		21,000						21,000
	Ace, Capital		79,900						79,900
	Ace, Withdrawals	26,500						26,500
	Construction fees earned		144,000						144,000
	Depreciation expense— Equipment				8,700			8,700
	Wages expense	49,000			1,500			50,500
	Interest expense	2,310			210			2,520
	Insurance expense				3,780			3,780
	Rent expense	13,000			300			13,300
	Supplies expense				2,520			2,520
	Property taxes expense	4,100			800			4,900
	Repairs expense	2,600						2,600
	Utilities expense	4,300			520			4,820
	Totals	273,100	273,100		18,330		18,330	291430	291,430

ekkarill92 answered 2 years ago

The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash...

The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash $ 99,876 106 Accounts receivable 5,300 125 Supplies - inventory 10,000 128 Prepaid insurance 6,400 131 Prepaid rent 35,000 151 Office equipment 20,000 152 Accumulated depreciation - office equipment $ 0 155 Computer equipment 15,000 156 Accumulated depreciation - computer equipment 0 201 Accounts payable 0 205 Wages payable 0 221 Unearned revenue 1,500 301 Common stock 150,000 315 Retained earnings 0 401 Service...

Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2...

Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2 Laundry Supplies 21,500.00 3 Prepaid Insurance 9,600.00 4 Laundry Equipment 232,600.00 5 Accumulated Depreciation 125,400.00 6 Accounts Payable 11,800.00 7 Sophie Perez, Capital 105,600.00 8 Sophie Perez, Drawing 10,000.00 9 Laundry Revenue 232,200.00 10 Wages Expense 125,200.00 11 Rent Expense 40,000.00 12 Utilities Expense 19,700.00 13 Miscellaneous Expense 5,400.00 14 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: •...

Rockin Robbin Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash...

Rockin Robbin Music Company Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $3,600 Accounts Receivable 38,700 Merchandise Inventory 17,800 Office Supplies 800 Furniture 39,600 Accumulated Depreciation—Furniture $8,900 Accounts Payable 14,100 Salaries Payable 1,100 Unearned Revenue 6,900 Notes Payable, long-term 13,000 Robbin, Capital 33,250 Robbin, Withdrawals 43,000 Sales Revenue 189,000 Cost of Goods Sold 85,050 Selling Expense 19,100 Administrative Expense 17,500 Interest Expense 1,100 Total $266,250 $266,250 1.Prepare Rockin Robbin's multi-step income statement for the year ended...

Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash...

Ernest Real Estate Appraisal Adjusted Trial Balance June 30, 2018 Balance Account Title Debit Credit Cash $5,000 Accounts Receivable 5,500 Office Supplies 2,400 Prepaid Insurance 2,700 Land 13,200 Building 79,000 Accumulated Depreciation—Building $25,300 Accounts Payable 19,400 Interest Payable 8,000 Salaries Payable 1,700 Unearned Revenue 700 Notes Payable (long-term) 45,000 Common Stock 6,000 Retained Earnings 35,000 Dividends 26,000 Service Revenue 47,800 Insurance Expense 3,900 Salaries Expense 32,600 Supplies Expense 900 Interest Expense 8,000 Utilities Expense 1,800 Depreciation Expense—Building 7,900 Total $188,900...

Hipster Optical Trial Balance May 31, 2017 Acct. No Account Title Debit Credit 101 Cash $...

Hipster Optical Trial Balance May 31, 2017 Acct. No Account Title Debit Credit 101 Cash $ 17,700 106 Accounts receivable 7,680 124 Office supplies 5,600 128 Prepaid insurance 9,020 163 Office equipment 24,800 201 Accounts payable $ 1,520 230 Unearned service revenue 7,000 301 Peeta Black, capital 55,500 302 Peeta Black, withdrawals 1,400 403 Services revenue 21,200 623 Wages expense 14,200 640 Rent expense 3,500 690 Utilities expense 1,320 Totals $ 85,220 $ 85,220 Required: Using the trial...

Brighton Ltd has unadjusted trial balance as follows on 30 June 2020. Debit Credit Cash at...

Brighton Ltd has unadjusted trial balance as follows on 30 June 2020. Debit Credit Cash at bank 20,820 Accounts receivable 6,800 Prepaid insurance 5,200 Office supplies 1,200 Motor vehicles 108,000 Accumulated depreciation – Motor vehicles 45,000 Equipment 2,850 Accumulated depreciation – Equipment 1,120 Accounts payable 7,900 Bank loan 42,100 Unearned rental revenue 1,150 Capital 45,600 Drawings 13,100 Rental revenue 55,200 Salaries expense 24,200 Repairs and maintenance expense 4,100 Office supplies expense 9,900 Electricity expense 1,900 Totals 198,070 198,070 Additional information:...

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...

COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Account Title Balance Debit Credit Cash $ 12,100...

COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Account Title Balance Debit Credit Cash $ 12,100 Accounts Receivable 1,300 Office Supplies 200 Painting Equipment 13,500 Accounts Payable $ 3,300 Unearned Revenue 1,700 Common Stock 15,000 Dividends 3,500 Service Revenue 15,600 Advertising Expense 550 Rent Expense 1,800 Salaries Expense 2,400 Utilities Expense 250 Total $ 35,600 $ 35,600 P2-29A Requirement 1 Date Accounts and Explanation Post Ref. Debit Credit July 1 Cash 63,000 Common Stock 63,000 5 Rent Expense 510 Cash...

Elite Realty UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 25,100.00 2...

Elite Realty UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 25,100.00 2 Accounts Receivable 58,900.00 3 Prepaid Insurance 2,900.00 4 Office Supplies 2,400.00 5 Accounts Payable 12,000.00 6 Common Stock 10,000.00 7 Retained Earnings 36,100.00 8 Dividends 1,800.00 9 Fees Earned 231,000.00 10 Salary and Commission Expense 144,500.00 11 Rent Expense 27,000.00 12 Advertising Expense 17,400.00 13 Automobile Expense 5,100.00 14 Miscellaneous Expense 4,000.00 15 Totals 289,100.00 289,100.00 The following business transactions were completed by Elite...

Manning Delivery Service Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Account Title Debit Credit Cash...

Manning Delivery Service Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Account Title Debit Credit Cash 22,750 Accounts Receivable 1,200 Office Supplies 600 (d) 250 (d) 350 Prepaid Insurance 450 (c) 450 Truck 17,000 Acc. Dep.—Truck Accounts Payable 0 Salaries Payable Unearned Revenue 1,700 (e) 600 (e) 1100 Common Stock 34,000 Dividends 2,700 Service Revenue 12,500 (e) 12500 Salaries Expense 1,500 (a) 1500 Dep. Exp.—Truck (b) 1600 Insurance Expense Fuel Expense 200 200 Rent Expense 1,800 1800 Supplies Expense 48,200...