GL0403 - Based on Problem 4-2A LO C3, P1, P2 The unadjusted trial balance for Griffin Construction Co. as of June 30, 2017, the end of its fiscal year, Is found on the trial balance tab. The June 30, 2016, credit balance of the owner's capital account was $38,000, and the owner Invested $60,000 cash in the company during the 2017 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2017 had a cost of $4,000. b. The cost of expired Insurance for the fiscal year is $3,100. c. Annual depreciation on equipment is $28,800. d. The June utilitles expense of $1,200 Is not Included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $1,200 amount owed needs to be recorded. e. The company's employees have earned $4.950 of accrued wages at fiscal year-end. f. The rent expense Incurred and not yet pald or recorded at fiscal year-end Is $2,200. g. Additional property taxes of $1,650 have been assessed for this fiscal year but have not been paid or recorded in the accounts. terest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $550 accrued Interest for June has not yet been paid or recorded. The company is required to make a $11,000 payment toward the note payable during the 2018 fiscal year.) Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required adjusting entries and closing entries for Griffin Construction Company. View transaction list View journal entry worksheet Account Title Credit No 1 Date Jun 30 Debit 8,000 Supplies expense Supplies 8,000 2 Jun 30 3,100 Insurance expense Prepaid insurance 3.100 3 Jun 30 Depreciation expense - Equipment 28.800 Accumulated depreciation - Equipment 28.800 Jun 30 Utilities expense Accounts payable 5 Jun 30 Wages expense Wages payable Jun 30 2.200 Rent expense Rent payable 2.200 Post-closing- General Ledger Account Cash Supplies No. Debit Credit No. Debit Credit Date Jun 29 Balance 95.850 Date Jun 29 Jun 30 Balance 12.000 4.000 1 8,000 Prepaid insurance Debit Credit Credit Equipment Debit No. Credit Date Jun 29 Jun 30 Balance 9,300 6,200 Date Jun 29 Balance 144.000 3.100 Accounts payable No. Debit Credit Accumulated depreciation - Equipment Date Debit Credit Jun 29 Jun 30 28,800 Balance 57,600 86,400 Date Jun 29 Jun 30 Balance 10.300 11,500 1,200 Interest payable Rent payable No. Debit Credit Balance No. Debit Credit Balance Date Jun 29 Jun 30 Date Jun 29 Jun 30 550 550 6 2,200 2,200 Wages payable Debit Credit Property taxes payable Debit Credit No. Balance No. Balance Date Jun 29 Jun 30 Date Jun 30 Jun 30 4,950 4,950 7 1.650 1.850 Long-term notes payable R. Griffin, Capital Debit Credit Debit Credit No. Date Jun 29 Balance 55.000 Date Jun 30 Balance 98,000 R. Griffin, Withdrawals Debit Credit Construction fees earned Debit Credit No. No. Date Jun 30 Balance 22.000 Date Jun 29 Balance 168,000 Wages expense Balance No. Debit Credit Depreciation expense - Equipment Date Debit Credit Jun 29 Jun 30 28.800 Date Jun 29 Jun 30 Balance 50,000 54,950 28.800 5 4,950 Insurance expense Interest expense Debit Credit No. No. Debit Credit Balance Date Jun 29 Balance 6,050 Date Jun 29 was prepared. The $1,200 amount owed needs to be recorded. e. The company's employees have earned $4,950 of accrued wages at fiscal year-end. 1. The rent expense Incurred and not yet pald or recorded at fiscal year-end is $2,200. g. Additional property taxes of $1,650 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 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $550 accrued Interest for June has not yet been pald or recorded. The company is required to make a $11,000 payment toward the note payable during the 2018 fiscal year.) Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Post-closing - GRIFFIN CONSTRUCTION CO. Trial Balance June 30, 2017 Account Title Credit S Debit 95.850 4,000 6.200 144,000 86,400 11,500 550 2.200 4,950 1.650 55,000 98.000 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment - Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable SR. Griffin, Capital R. Griffin, Withdrawals Construction fees earned Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Total 22,000 168,000 28.800 54.950 8,600 3.100 28,400 8,000 11,550 3,600 13,200 4 28,250 $ S 428.250 a. The supplies available at the end of fiscal year 2017 had a cost of $4,000. b. The cost of expired Insurance for the fiscal year is $3,100. c. Annual depreciation on equipment is $28,800. d. The June utilitles expense of $1,200 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $1,200 amount owed needs to be recorded. e. The company's employees have earned $4,950 of accrued wages at fiscal year-end. 1. The rent expense incurred and not yet pald or recorded at fiscal year-end is $2,200 g. Additional property taxes of $1,650 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 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $550 accrued Interest for June has not yet been paid or recorded. The company Is required to make a $11,000 payment toward the note payable during the 2018 fiscal year.) Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing GRIFFIN CONSTRUCTION CO. Income Statement For Year Ended June 30, 2017 Revenues: OOOOOO Net income GL0403 - Based on Problem 4-2A LO C3, P1, P2 The unadjusted trial balance for Griffin Construction Co. as of June 30, 2017, the end of its fiscal year, is found on the trial balance tab. The June 30, 2016, credit balance of the owner's capital account was $38,000, and the owner Invested $60,000 cash in the company during the 2017 fiscal year Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2017 had a cost of $4,000. b. The cost of expired Insurance for the fiscal year is $3,100. C. Annual depreciation on equipment is $28,800. d. The June utilitles expense of $1,200 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $1,200 amount owed needs to be recorded. e. The company's employees have earned $4,950 of accrued wages at fiscal year-end. 1. The rent expense Incurred and not yet pald or recorded at fiscal year-end Is $2,200. g. Additional property taxes of $1,650 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 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $550 accrued Interest for June has not yet been paid or recorded. The company Is required to make a $11,000 payment toward the note payable during the 2018 fiscal year.) Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing The unadjusted or adjusted balances will appear for each item, based on your selection. If post-closing is selected, only ending capital will be displayed. Post-closing GRIFFIN CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2017 R. Griffin, Capital, June 30, 2016 Add: Investments by owner $ 38,000 60,000 60,000 98.000 Less: Withdrawals by owner 22.000 (22.000) 76.000 R. Griffin, Capital, June 30, 2017 first 11 months of the 2017 fiscal year. The $550 accrued Interest for June has not yet been pald or recorded. The company is required to make a $11,000 payment toward the note payable during the 2018 fiscal year.) Requirement General Journal General General Ledger de Trial Balance Trial Balance Income Statement stencement St Owners Equity stewige balance sheet Post Closing Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing GRIFFIN CONSTRUCTION CO. Balance Sheet June 30, 2017 ASSETS Current assets: Plant assets IT LIABILITIES AND EQUITY Current liabilities: 11.000 Total current liablities Noncurrent liabilities Equity St Owners Equity Post Closing > was prepareu. Tre >1,2uU ammouri Oweu reeus lu ve recordeu. e. The company's employees have earned $4,950 of accrued wages at fiscal year-end. 1. The rent expense Incurred and not yet pald or recorded at fiscal year-end Is $2,200. g. Additional property taxes of $1,650 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 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $550 accrued Interest for June has not yet been pald or recorded. The company is required to make a $11,000 payment toward the note payable during the 2018 fiscal year.) Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab. Post-closing Included on Post-closing trial balance? Type of Account Post-closing Trial Balance Dr. Account Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable R. Griffin, Capital R. Griffin, 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 $ 0 $