Problem 4-3A Work sheet, journal entries, and financial statements L01.6 excel CHECK FIGURES: 1. Adjusted trial...

  

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Problem 4-3A Work sheet, journal entries, and financial statements L01.6 excel CHECK FIGURES: 1. Adjusted trial balance columns $447,890; 3. Profit $64,130; Total assets = $130,300 This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2017. The beginning balance of the owner's capital account was $45,000 and the owner invested another $25,000 cash in the company during the year. 1 Have PLB CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts h 5 6 No. 7 101 Cash 8 126 Supplies Challenger Construction Trial Balance.xls Challenger Construction Unadjusted Trial Balance September 30, 2017 Account 9 128 Prepaid insurance 10 149 Land not currently used in operations 11 167 Equipment 12 168 Accumulated depreciation, Equipment 13 191 Copyright 14 201 Accounts payable 15 203 Interest payable 16 210 Wages payable 17 251 Long-term notes payable 18 301 Chris Challenger, capital 19 302 Chris Challenger, withdrawals 20 401 Construction revenue 21 612 Depreciation expense, equipment 22 623 Wages expense 23 633 Interest expense 24 637 Insurance expense 25 640 Rent expense 26 652 Supplies expense 27 683 Business taxes expense 28 684 Repairs expense 29 690 Utilities expense 30 Totals Unadjusted Trial Balance Dr. $ 22,000 17,200 4,600 50,000 106.000 6,000 68,000 0 95.000 1,200 -0 26,400 0 10,000 5,020 7,800 $425,220 Cr. $ 40,500 8.100 0 0 50,000 71.000 255,620 $425.220 Required 1. Prepare a 10-column work sheet for fiscal 2017, starting with the unadjusted trial balance and in- cluding these additional facts: a. The inventory of supplies at the end of the year had a cost of $3,200. b. The cost of expired insurance for the gear is $8,400. 293 CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts e. Annual depreciation on the building is $25,000 and $3,500 on the furniture. d. The two part-time office staff members each get paid $1,600 biweekly. The last biweekly pay period ended Friday, March 21. At March 31, six days' salary had accrued. e. A review of the balance in Advertising Expense showed that $2,400 was for advertisements to appear in the April issue of Canadian Business magazine. f. Accrued utilities at March 31 totalled $2,620. g. March interest of $425 on the long-term note payable is unrecorded and unpaid as of March 31. 3. Complete the work sheet. Problem 4-2A Completing a work sheet L01 eXcel CHECK FIGURE: 3. Adjusted trial balance columns= $67,380 The June 30, 2017, unadjusted trial balance for Trenton Consulting after its first year of operations follows: P3121 P18 282 Trenton Consulting Trial Balance.xls Lagu D N A 4 5 6 7 Cash, 8 Accounts receivable 9 Prepaid rent Trenton Consulting Unadjusted Trial Balance June 30, 2017 Account 10 Equipment 11 Accounts payable 12 Toni Trenton, capital 13 Toni Trenton, withdrawals 14 Consulting revenue 15 Wages expense 16 Insurance expense 17 Rent expense 18 Totals Dr. Unadjusted Trial Balance 680 2,900 3,660 9,600 6,880 24,920 1.620 8,320 58,580 Cr. 1,730 26.650 30,200 58,580 Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the following additional information, enter the adjustments onto the work sheet: a. Annual depreciation on the equipment is $1,500. b. The balance in the Prepaid Rent account is for six months of rent commencing March 1, 2017. c. Unpaid and unrecorded wages June 30 totalled $3,200. d. Accrued revenues at June 30 totalled $4,100. 3. Complete the work sheet. 4. Calculate the balance in the capital account as it would appear on the June 30, 2017, balance sheet Analysis Component: What effect does a loss have on the accounting equation? Problem 4-3A Work sheet, journal entries, and financial statements L01.6 excel CHECK FIGURES: 1. Adjusted trial balance columns $447,890; 3. Profit $64,130; Total assets = $130,300 This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2017. The beginning balance of the owner's capital account was $45,000 and the owner invested another $25,000 cash in the company during the year. 1 Have PLB CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts h 5 6 No. 7 101 Cash 8 126 Supplies Challenger Construction Trial Balance.xls Challenger Construction Unadjusted Trial Balance September 30, 2017 Account 9 128 Prepaid insurance 10 149 Land not currently used in operations 11 167 Equipment 12 168 Accumulated depreciation, Equipment 13 191 Copyright 14 201 Accounts payable 15 203 Interest payable 16 210 Wages payable 17 251 Long-term notes payable 18 301 Chris Challenger, capital 19 302 Chris Challenger, withdrawals 20 401 Construction revenue 21 612 Depreciation expense, equipment 22 623 Wages expense 23 633 Interest expense 24 637 Insurance expense 25 640 Rent expense 26 652 Supplies expense 27 683 Business taxes expense 28 684 Repairs expense 29 690 Utilities expense 30 Totals Unadjusted Trial Balance Dr. $ 22,000 17,200 4,600 50,000 106.000 6,000 68,000 0 95.000 1,200 -0 26,400 0 10,000 5,020 7,800 $425,220 Cr. $ 40,500 8.100 0 0 50,000 71.000 255,620 $425.220 Required 1. Prepare a 10-column work sheet for fiscal 2017, starting with the unadjusted trial balance and in- cluding these additional facts: a. The inventory of supplies at the end of the year had a cost of $3,200. b. The cost of expired insurance for the gear is $8,400. 293 CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts e. Annual depreciation on the building is $25,000 and $3,500 on the furniture. d. The two part-time office staff members each get paid $1,600 biweekly. The last biweekly pay period ended Friday, March 21. At March 31, six days' salary had accrued. e. A review of the balance in Advertising Expense showed that $2,400 was for advertisements to appear in the April issue of Canadian Business magazine. f. Accrued utilities at March 31 totalled $2,620. g. March interest of $425 on the long-term note payable is unrecorded and unpaid as of March 31. 3. Complete the work sheet. Problem 4-2A Completing a work sheet L01 eXcel CHECK FIGURE: 3. Adjusted trial balance columns= $67,380 The June 30, 2017, unadjusted trial balance for Trenton Consulting after its first year of operations follows: P3121 P18 282 Trenton Consulting Trial Balance.xls Lagu D N A 4 5 6 7 Cash, 8 Accounts receivable 9 Prepaid rent Trenton Consulting Unadjusted Trial Balance June 30, 2017 Account 10 Equipment 11 Accounts payable 12 Toni Trenton, capital 13 Toni Trenton, withdrawals 14 Consulting revenue 15 Wages expense 16 Insurance expense 17 Rent expense 18 Totals Dr. Unadjusted Trial Balance 680 2,900 3,660 9,600 6,880 24,920 1.620 8,320 58,580 Cr. 1,730 26.650 30,200 58,580 Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the following additional information, enter the adjustments onto the work sheet: a. Annual depreciation on the equipment is $1,500. b. The balance in the Prepaid Rent account is for six months of rent commencing March 1, 2017. c. Unpaid and unrecorded wages June 30 totalled $3,200. d. Accrued revenues at June 30 totalled $4,100. 3. Complete the work sheet. 4. Calculate the balance in the capital account as it would appear on the June 30, 2017, balance sheet Analysis Component: What effect does a loss have on the accounting equation?

Answer rating: 100% (QA)

For the adjustments the following entries will be booked 1DebitDepreciation2000 Cr... View the full answer