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Prepare a 10-column work sheet for fiscal year 2005, starting

Customer Question

The following unadjusted trial balance is for Adams Construction Co. as of the end of its 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.

101

126

128

167

168

201

203

208

210

213

251

301

302

401

612

623

633

637

640

652

683

684

690

Cash

Supplies

Prepaid insurance

Equipment

Accumulated depreciation-Equipment

Accounts payable

Interest payable

Rent payable

Wages payable

Property taxes payable

Long-term notes payable

S. Adams, Capital

S. Adams, Withdrawals

Construction fees earned

Depreciation expense-Equipment

Wages expense

Interest expense

Insurance expense

Rent expense

Supplies expense

Property taxes expense

Repairs expense

Utilities expense

Totals

$ 17,500

8,900

6,200

131,000

30,000

0

45,860

2,640

0

13,200

0

4,600

2,810

4,000

$ 266,710

$ 25,250

5,800

0

0

0

0

24,000

77,660

134,000

$ 266,710

Required

1. 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 company's 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.)

2. 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.

Analysis Component

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.

Submitted: 4 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 4 years ago.

Hello ericcarter and welcome to Just Answer

 

Please post your full question so that we can help

 

It would also help if you advise the name of the book you are using: Title,a uthor's name, and edition

 

Thank you

Customer: replied 4 years ago.
This is all the questions asked, and all information is given to me
Expert:  Manal Elkhoshkhany replied 4 years ago.

Hello again eric :)

 

Yes, that is the full question, when I posted my message you had just typed the first line so the question was not clear. I have your book by the way (Are you using the 17th edition?)

 

If yes, then for future posts you do not need to type the problems, just tell me the question number and I will post the solution.

 

 

P.S. If you like my work, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online fo a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Thank you

Customer: replied 4 years ago.
The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of
December 31, 2005.
Problem 4-6AA
Preparing adjusting, reversing, and
next period entries
P4 BULLSEYE RANGES
December 31, 2005
Unadjusted Adjusted
Trial Trial
Account Title Balance Adjustments Balance
Dr. Cr. Dr. Cr. Dr. Cr.
Cash . . . . . . . . . . . . . . . . . . . . . $ 13,000
Accounts receivable . . . . . . . . . . 0
Supplies . . . . . . . . . . . . . . . . . . 5,500
Equipment . . . . . . . . . . . . . . . . 130,000
Accumulated depreciation—
Equipment . . . . . . . . . . . . . . . $ 25,000
Interest payable . . . . . . . . . . . . . 0
Salaries payable . . . . . . . . . . . . . 0
Unearned member fees . . . . . . . 14,000
Notes payable . . . . . . . . . . . . . . 50,000
T. Allen, Capital . . . . . . . . . . . . . 58,250
T. Allen, Withdrawals . . . . . . . . . 20,000
Member fees earned . . . . . . . . . 53,000
Depreciation expense—
Equipment . . . . . . . . . . . . . . . 0
Salaries expense . . . . . . . . . . . . 28,000
Interest expense . . . . . . . . . . . . 3,750
Supplies expense . . . . . . . . . . . . 0
Totals . . . . . . . . . . . . . . . . . . . . $200,250 $200,250
Required
1. Complete the six-column table by entering adjustments that reflect the following information:
a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The
next payday is January 4, at which time $1,600 of salaries will be paid.
b. The cost of supplies still available at December 31, 2005, is $2,700.
c. The notes payable requires an interest payment to be made every three months. The amount
of unrecorded accrued interest at December 31, 2005, is $1,250. The next interest payment,
at an amount of $1,500, is due on January 15, 2006.
d. Analysis of the unearned member fees account shows $5,600 remaining unearned at December
31, 2005.
e. In addition to the member fees included in the revenue account balance, the company has earned
another $9,100 in unrecorded fees that will be collected on January 31, 2006. The company
is also expected to collect $8,000 on that same day for new fees earned in January 2006.
f. Depreciation expense for the year is $12,500.
2. 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.
Analysis Component
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.
166 Chapter 4 Completing the Accounting Cycle
Check (3) Total assets, $120,250;
current liabilities, $14,290; Net income,
$39,300
Check (1) Adjusted trial balance
totals, $224,000
Larson-Wild-Chiappetta:
Fundamental Accounting
Principles, Seventeenth
Edition
4. Completing the
Accounting Cycle
Text © The McGraw-Hill
Companies, 2004
Problem 4-2B
Applying the accounting cycle
C1 C2 P2 P3
On July 1, 2005, Lucinda Fogle created a new self-storage business, KeepSafe Co. The following
transactions occurred during the company’s first month:
July 1 Fogle invested $20,000 cash and buildings worth $120,000 in the business.
2 Rented equipment by paying $1,800 cash for the first month’s (July) rent.
5 Purchased $2,300 of office supplies for cash.
10 Paid $5,400 cash for the premium on a 12-month insurance policy. Coverage begins on
July 11.
14 Paid an employee $900 cash for two weeks’ salary earned.
24 Collected $8,800 cash for storage fees from customers.
28 Paid another $900 cash for two weeks’ salary earned by an employee.
29 Paid $850 cash for minor repairs to a leaking roof.
30 Paid $300 cash for this month’s telephone bill.
31 Fogle withdrew $1,600 cash for personal use.
The company’s chart of accounts follows:
101 Cash 401 Storage Fees Earned
106 Accounts Receivable 606 Depreciation Expense—Buildings
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
173 Buildings 640 Rent Expense
174 Accumulated Depreciation—Buildings 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
301 L. Fogle, Capital 688 Telephone Expense
302 L. Fogle, Withdrawals 901 Income Summary
2. Prepare journal entries for the adjustments entered in the six-column table for part 1.
3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.
4. Prepare journal entries to record the cash payments and cash collections described for January.
Customer: replied 4 years ago.
ANY ANSWERS
Expert:  Manal Elkhoshkhany replied 4 years ago.

Eric

 

I have posted the solution to Adam's company problem a long time ago, here it is again

 

Please click here for the solution

 

Please note though that experts do not get paid unless you click the green Accept button.

 

Regards,

Expert:  Manal Elkhoshkhany replied 4 years ago.
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