Here are the adjustments. I can't for the life of me find out where I went wrong. My professor has highlighted the areas that I need to improve but I still don't know where I'm going wrong! Please Help!
I'm unsure how to upload my actual excel layout but the areas I need work on is.. In adjustments Supplies, Long term notes payable, supplies expense, property tax expense, utilities expense. In the trial balance of adjustments, I am missing long-term notes payable and rent expense.
a) The supplies available at the end of fiscal year 2009 had a cost of $3,420.
b) The cost of expired insurance for the fiscal year is $4,095.
c) Annual depreciation on equipment is $11,000.
d) The April utilities expense of $580 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $580 amount owed needs to be recorded.
e) The company's employees have earned $1,500 of accrued wages at fiscal year-end.
f) The rent expense incurred and not yet paid or recorded at fiscal year-end is $1,400.
g) Additional property taxes of $500 have been assessed 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 2009 fiscal year. The $250 accrued interest for April 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 2010 fiscal year.)