On August 1, 2012, Lincoln Services was started and at the end of the year December 31,
Question:
On August 1, 2012, Lincoln Services was started and at the end of the year December 31, 2012, had the following unadjusted trial balance. Prepare the year-end adjusting and closing entries. please record the transactions in the General Journal provided.
Account Title | Debit | Credit |
Cash | 17,500 | |
Supplies | 8,900 | |
Prepaid Insurance | 6200 | |
Equipment | 131000 | |
Accumulated Depreciation Equipment | | 25250 |
Account Payable | | 5800 |
Interest Payable | | 0 |
rent payable | | 0 |
wages payable | | 0 |
property tax payable | | 0 |
notes payable | | 24000 |
common Stock | | 77600 |
dividends | 30000 | |
construction fees earned | | 134000 |
depreciation expense | 0 | |
wage expense | 45860 | |
interest expense | 2640 | |
insurance expense | 0 | |
rent expense | 13200 | |
supply expense | 0 | |
property tax expense | 4600 | |
repair expense | 2810 | |
utility expense | 4000 | |
totals | 266710 | 26710 |
| | |
Data for adjusting and closing Entries
1. Supplies available at year-end amount $3200
2. Expired prepaid insurance at year-end amounted to $3900
3. Depriciation on the equiment $ 8500
4. The December utility expense of $550 has not yet been recorded.
5. At year-end employees had accrued wages owed of $1600
6. The accrued rent expense for December is $200
7. Property taxes assessed not yet paid amount to $900
8. Interest on the Note Payable for December amounts to $240
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso