olgert
Feb 15, 2010, 05:01 PM
Hey everybody I got a midterm on fundamental accounting principles problem 4-5b but the problem I'm having is that when I add my adjusted trial balance doesn't add up to be the same I don't know what I'm doing wrong and its due wendsday so please help me guys.
All right here we go
No. Debit Credit
101. Cash ... $17,000
126. Supplies ... 9,500
128. Prepaid Insurance ... 6,500
167. Equipment ... 140,460
168. Accumulated depreciationEquipment .. . $22,000
201. Accounts payable .. . 6,000
203. Interest payable .. . 0
208. Rent payable .. . 0
210. Wages payable .. . 0
213. Property taxes payable .. . 0
251. Long-term notes payable .. . 25,000
301. S. Adams, Capital .. . 81,610
302. S. Adams, Withdrawals ... 25,500
401. Construction fees earned .. . 140,000
612. Depreciation expenseEquipment ... 0
623. Wages expense ... 48,000
633. Interest expense ... 2,750
637. Insurance expense ... 0
640. Rent expense ... 15,400
652. Supplies expense . ... 0
683. Property taxes expense ... 4,400
684. Repairs expense . ... 2,100
690. Utilities expense . ... 3,000
Totals... $274,610 $274,610
Required
1. Prepare a 10-column work sheet for fiscal year 2009, starting with the unadjusted trial balance and including adjustments based on these additional facts:
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 June 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 companys 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 $1400.
g. Additional property taxes of $500 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 month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $250 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 2009 fiscal year.)
2. Use the work sheet to enter the adjusting and closing entries; then journalize them.
3. Prepare the income statement and the statement of owners equity for the year ended June 30 and the classified balance sheet at June 30, 2005.
There is this post too but for some reason I'm not following it if you could do it like dubu25 I would really appreciate it. https://www.askmehelpdesk.com/accounting/prepare-accounting-work-sheet-no-idea-what-am-doing-94431.html
All right here we go
No. Debit Credit
101. Cash ... $17,000
126. Supplies ... 9,500
128. Prepaid Insurance ... 6,500
167. Equipment ... 140,460
168. Accumulated depreciationEquipment .. . $22,000
201. Accounts payable .. . 6,000
203. Interest payable .. . 0
208. Rent payable .. . 0
210. Wages payable .. . 0
213. Property taxes payable .. . 0
251. Long-term notes payable .. . 25,000
301. S. Adams, Capital .. . 81,610
302. S. Adams, Withdrawals ... 25,500
401. Construction fees earned .. . 140,000
612. Depreciation expenseEquipment ... 0
623. Wages expense ... 48,000
633. Interest expense ... 2,750
637. Insurance expense ... 0
640. Rent expense ... 15,400
652. Supplies expense . ... 0
683. Property taxes expense ... 4,400
684. Repairs expense . ... 2,100
690. Utilities expense . ... 3,000
Totals... $274,610 $274,610
Required
1. Prepare a 10-column work sheet for fiscal year 2009, starting with the unadjusted trial balance and including adjustments based on these additional facts:
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 June 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 companys 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 $1400.
g. Additional property taxes of $500 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 month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2009 fiscal year. The $250 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 2009 fiscal year.)
2. Use the work sheet to enter the adjusting and closing entries; then journalize them.
3. Prepare the income statement and the statement of owners equity for the year ended June 30 and the classified balance sheet at June 30, 2005.
There is this post too but for some reason I'm not following it if you could do it like dubu25 I would really appreciate it. https://www.askmehelpdesk.com/accounting/prepare-accounting-work-sheet-no-idea-what-am-doing-94431.html