[QueenD]

I worked on this all day and I need your help to tell me if this is right and how to I . Use the work sheet to enter the adjusting and closing entries; then journalize them.
3. Prepare the income statement and the statement of owner’s equity for the year ended June 30 and the classified balance sheet at June 30, 2005.
4. Analyze the following separate errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and, if not, the effect of the error on the financial statements.
a. Assume that the adjustment for supplies used consisted of a credit to Supplies for $3,200 and a debit for $3,200 to Supplies Expense.
b. When the adjusted trial balance in the work sheet is completed, the $17,500 Cash balance is incorrectly entered in the Credit column.

a). Supplies available at end of fiscal year had cost of 3200.
Unadjusted supplies is 8900 so I subtracted the two and got a debit to supplies expense for 5700 and credit to supplies for 5700

b). The cost of expired insurance for fiscal year is 3900.
Debit insurance exp. 3900 and credit prepaid insurance 3900

c). Annual dep. On equip. is 8500.
Debit dep. Exp.-equip. 8500 and credit accum. Dep.-equip. 8500

d). Utilities exp. Of 550 is not included in unadj. Trial balance because bill arrived after trial balance was prepared. 550 amount owed needs to be recorded
Debit utilities exp 550 and credit acct. payable 550

e). Employees earned 1600 accrued wages at end of fiscal year
Debit wages expense 1600 and credit wages payable

f). Rent expense incurred and not yet paid or recorded at fiscal year-end is 200
Debit rent expense 200 and credit rent payable 200

g). Additional property taxes of 900 have been assessed for fiscal year but no been paid or recorded in accounts
Debit property tax expense 900 and credit property tax payable 900

h). Long-term note payable bears interest at 1% per month. The unadjusted interest expense account equals he amount paid for the first 11 months of the fiscal year. The 240 accrued interest has nott yet been paid or recorded. (the company is required to make a 5000 payment toward the not payable durin the next fiscal year)
Debit interest expense 240 and credit interest payable 240

[CaptainForest]

A-H (all of them) appear to be correct