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How to prepare a 10-column work sheet
Asked Feb 7, 2009, 01:54 PM
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1 Answer Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance and including adjustments based on these additional facts: A. The supplies available at the end of fiscal year 2005 had a cost of $3,200. B. The cost of expired insurance for the fiscal year is $3,900. C. Annual depreciation on equipment is $8,500. D. The June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded. E. The companys employees have earned $1,600 of accrued wages at fiscal year-end. F. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. G. Additional property taxes of $900 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 1% per month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2005 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (Note that the company is required to make a $5,000 payment toward the note payable during the 2006 fiscal year.) |
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| I have attaached a sample worksheet for you. Your adjusting entries (#a through #h) will go in the Adjustment columns, then you rebalance your accounts in the Adjusted trial balance columns. Next you transfer your accounts to the appropriate financial statement columns(Income Statement or Balance sheet). | ||||
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