The following unadjusted trial balance is for Power Demolition Company at its April 30 current fiscal year-end. The credit balance of the Retained Earnings account was $76,900 on April 30 of the prior year.

Required
Prepare and complete a 10-column work sheet for the current fiscal year, starting with the unadjusted trial balance and including adjustments using the following additional information.

a. Supplies available at the end of the current fiscal year total $7,900.

b. Cost of expired insurance for the current fiscal year is $10,600.

c. Annual depreciation on equipment is $7,000.

d. April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed must be recorded.

e. Employees have earned $2,000 of accrued and unpaid wages at fiscal year-end.

f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000.
g. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded at fiscal yearend.
h. $300 accrued interest for April has not yet been paid or recorded.
2. Using information from the completed 10-column work sheet in part 1, journalize the adjusting entries and the closing entries.
3. Prepare the income statement and the statement of retained earnings for the year ended April 30 and the classified balance sheet at April 30.

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No. Account Title 101 Cash 126 Suppiles 128 Prepaid Insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 251 Long-term notes payable 307 Common stock Unadjusted Trial Balance April 30 318 Retained earnings 319 Dividends 403 Demolition revenue 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense Totals Debit $ 7,000 16,000 12,600 200,000 12,000 0 41,400 3,300 0 13,200 0 9,700 4,700 4,800 $324,700 Credit $ 14,000 6,800 0 0 0 0 30,000 10,000 76,900 187,000 $324,700