Chapter $4$ Completing the Accounting Cycle

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 $$3,300.$

b$.$ Cost of expired insurance for the current fiscal year is $$3,800.$

c$.$ Annual depreciation on equipment is $$8,400.$

d$.$ June utilities expense of $$650$ is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $$650$ amount owed must be recorded.

e$.$ Employees have earned $$1,800$ of accrued and unpaid wages at fiscal year$-$end.

f$.$ Rent expense incurred and not yet paid or recorded at fiscal year$-$end is $$500.$

g$.$ Additional property taxes of $$1,000$ have been assessed for this fiscal year but have not been paid or recorded at fiscal year$-$end.

h$.$ $$250$ accrued interest for June has not yet been paid or recorded.

Using information from the completed $10-$column work sheet in part $1,$ journalize the adjusting entries and the closing entries.

Prepare the income statement and the statement of owner's equity for the year ended June $30$ and the

Check $(3)$

$$30,890$; To

$$122,550$; classified balance sheet at June $30.$