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    MissLinda13's Avatar
    MissLinda13 Posts: 3, Reputation: 1
    New Member
     
    #1

    Jun 28, 2010, 08:02 PM
    Preparing a worksheet and adjustments
    adjusting balance for L&M Bookkeeping as of the end of 2005 fiscal year. The June 30, 2004, credit balance of the owner's capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year.

    Unadjusted Trial Balance:

    Cash = 17,500
    Supplies = 8,900
    Prepaid Insurance = 6,200
    Equipment = 131,000
    Accumulated depreciation-Equipment = 25,250
    Accounts payable = 5,800
    interest payable = 0
    rent payable = 0
    wages payable = 0
    property taxes payable = 0
    S. Adams, Capital = 77,660
    S. Adams, Withdrawals = 30,000
    Construction fees earned = 134,000
    depreciation expense-equipment = 0
    wages expense = 45,860
    interest expense = 2,640
    insurance expense = 0
    rent expense = 13,200
    supplies expense = 0
    property taxes expense = 4,600
    repairs expense = 2,810
    utilities expense = 4,000

    I need to prepare a 10-column worksheet for the fiscal year 2005, starting with the unadjusted trial balance and include adjustments based on:

    Supplies available at the end of fiscal year 2005 that had a cost of $3200.

    The cost of expired insurance for the fiscal year is $3900.

    Annual depreciation on equipment is $8500.

    June utilities expense of $550, is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared, but needs to be recorded.

    Employees have earned $1600 of accrued wages at fiscal year-end.

    Rent expense incurred and not yet paid or recorded at fiscal year-end is $200.

    Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts.

    Long-term not 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.

    The company is required to make a $5000 payment toward the note payable during the 2006 fiscal year.

    I basically want to make sure that I made the right decisions, and that I recorded the information correctly. Thanks.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Jun 30, 2010, 08:53 AM

    This is a duplicate post

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