The following unadjusted trial balance is for Perez Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $114,000 on June 30 of the prior year. Information for adjustments is as follows: a. Supplies available at the end of the current fiscal year total $3,400. b. Cost of expired insurance for the current fiscal year is $2,500. c. Annual depreciation on equipment is $31,800. d. June utilities expense of $900 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $900 amount owed must be recorded. e. Employees have earned $5,700 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $2,800. g. Additional property taxes of $1,900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $700 accrued interest for June has not yet been paid or recorded. Requirement General Journal General Ledger Trial Balance Income Statement St of Retained Earnings Balance Sheet Post Closing Prepare the required adjusting entries and closing entries for Perez Construction Company. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Supplies available at the end of the current fiscal year total $3,400. Record the required adjusting entry, if any.
The following unadjusted trial balance is for Perez Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $114,000 on June 30 of the prior year. Information for adjustments is as follows: a. Supplies available at the end of the current fiscal year total $3,400. b. Cost of expired insurance for the current fiscal year is $2,500. c. Annual depreciation on equipment is $31,800. d. June utilities expense of $900 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $900 amount owed must be recorded. e. Employees have earned $5,700 of accrued and unpaid wages at fiscal year-end. f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $2,800. g. Additional property taxes of $1,900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end. h. $700 accrued interest for June has not yet been paid or recorded. Requirement General Journal General Ledger Trial Balance Income Statement St of Retained Earnings Balance Sheet Post Closing Prepare the required adjusting entries and closing entries for Perez Construction Company. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Supplies available at the end of the current fiscal year total $3,400. Record the required adjusting entry, if any.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 10CE
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Question
Transcribed Image Text:The following unadjusted trial balance is for Perez Construction Company at its June 30 current fiscal year-end. The credit balance of
the Retained Earnings account was $114,000 on June 30 of the prior year.
Information for adjustments is as follows:
a. Supplies available at the end of the current fiscal year total $3,400.
b. Cost of expired insurance for the current fiscal year is $2,500.
c. Annual depreciation on equipment is $31,800.
d. June utilities expense of $900 is not included in the unadjusted trial balance because the bill arrived after the trial balance was
prepared. The $900 amount owed must be recorded.
e. Employees have earned $5,700 of accrued and unpaid wages at fiscal year-end.
f. Rent expense incurred and not yet paid or recorded at fiscal year-end is $2,800.
g. Additional property taxes of $1,900 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
h. $700 accrued interest for June has not yet been paid or recorded.
Requirement
General
Journal
General
Ledger
Trial Balance
Income
Statement
St of Retained
Earnings
Balance Sheet
Post Closing
Prepare the required adjusting entries and closing entries for Perez Construction Company.
View transaction list
Journal entry worksheet
1
2
3
4
5
6
7
8
12
>
Supplies available at the end of the current fiscal year total $3,400. Record the
required adjusting entry, if any.
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