GL0403 (Algo) - Based on Problem 4-2A LO C1, P1, P2 The unadjusted trial balance for Perry Construction Company at its June 30 current fiscal year-end, is found on the trial balance tab. The credit balance of the K. Perry, Capital account was $21.000 on June 30 of the prior year, and the owner invested $45,000 cash during the current fiscal year. Information for adjustments is as follows: a. Supplies available at the end of the current fiscal year total $3,600. b. Cost of expired insurance for the current fiscal year is $2,700. c. Annual depreciation on equipment is $29,400. d. June utilities 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 must be recorded. e. Employees have earned $5,100 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. 9. Additional property taxes of $1,700 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. General General Income Trial Balance Requirement St Owners Journal Ledger Statement Equity Balance Sheet Post Closing General Journal tab - Prepare any necessary adjusting and closing entries for the current fiscal year, General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement tab - 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 Statement of Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Balance Sheet tab - 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 tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance Trial Balance June 30, 2021 Account Title Credit Debit 70,300 $ 3,600 5,400 147,000 58,800 9.500 700 2,800 5,100 1,700 70,000 66,000 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable K Perry, Capital Dk. Porry, Withdrawals Construction revenue Depreciation expense - Equipment Wages expenso Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Total 22,000 0 172.000 DDDDDDDD 58,800 57.100 8,400 2.700 33,600 14,400 11,900 4,200 14,400 450,200 $ 390,200 General General Income St Owners Requirement Trial Balance Balance Sheet Post Closing Journal Ledger Statement Equity Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjus or post-closing balances will appear for each account, based on your selection. Post-closing PERRY CONSTRUCTION COMPANY Income Statement For Year Ended June 30 Revenues: his $ 0 0 Expenses: 0 0 0 0 0 0 0 0 0 0 $ 0 Net income c. Annual depreciation on equipment is $29,400. d. June utilities expense of $1,200 is not included in the unadjusted trial balance because the bill arrived after the trial balan prepared. The $1,200 amount owed must be recorded. e. Employees have earned $5,100 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. 9. Additional property taxes of $1,700 have been assessed for this fiscal year but have not been paid or recorded at fiscal ye h. $700 accrued interest for June has not yet been paid or recorded. General General Requirement Income Trial Balance St Owners Journal Balance Sheet Post Closing Ledger Statement Equity 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 PERRY CONSTRUCTION COMPANY Statement of Owner's Equity For Year Ended June 30 K. Perry, Capital, June 30 prior year Add: Investments by owner 45,000 $ 21,000 45,000 66,000 22,000 Less: Withdrawals by owner (22,000) 44,000 $ K. Perry, Capital, June 30 current year (Income Statement Balance Sheet> Balance Sheet June 30 ASSETS Current assets: $ 0 0 0 0 Plant assets: les LIABILITIES AND EQUITY Current liabilities: $ 0 0 0 0 0 0 0 $ 0 Noncurrent liabilities 0 Equity General General Income St Owners Requirement Trial Balance Balance Sheet Post Closing Journal Ledger Statement Equity 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 Type of Post-closing Trial Balance Post-closing Account Account trial balance? Dr. Cr. Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable K Perry, Capital K. Perry, Withdrawals Construction revenue Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable K Perry, Capital K. Perry, Withdrawals Construction revenue Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense $ 0 $ 0 Totals View transaction list View journal entry worksheet No Credit Date Account Title Debit 7,200 1 Jun 30 Supplies expense Supplies 7,200 2 Jun 30 2,700 Insurance expense Prepaid insurance 2,700 3 Jun 30 29,400 Depreciation expense - Equipment Accumulated depreciation - Equipment 29,400 4 Jun 30 1,200 Utilities expense Accounts payable 1,200 5 Jun 30 5,100 Wages expense Wages payable 5,100 6 Jun 30 2,800 Rent expense Rent payable 2,800 1,700 7 Jun 30 Property taxes expense Property taxes payable 1,700 700 8 Jun 30 Interest expense Interest payable 700 4 Jun 30 1,200 Utilities expense Accounts payable 1,200 5 Jun 30 5,100 Wages expense Wages payable 5,100 6 2.800 Jun 30 Rent expense Rent payable 2,800 7 Jun 30 1,700 Property taxes expense Property taxes payable 1,700 700 8 Jun 30 Interest expense Interest payable 700 9 Jun 30 Supplies expense 7,200 Supplies 7,200 10 Jun 30 Depreciation expense - Equipment Utilities expense 29,400 1,200 GL0403 (Algo) - Based on Problem 4-2A LO C1, P1, P2 The unadjusted trial balance for Perry Construction Company at its June 30 current fiscal year-end, is found on the trial balance tab. The credit balance of the K. Perry, Capital account was $21.000 on June 30 of the prior year, and the owner invested $45,000 cash during the current fiscal year. Information for adjustments is as follows: a. Supplies available at the end of the current fiscal year total $3,600. b. Cost of expired insurance for the current fiscal year is $2,700. c. Annual depreciation on equipment is $29,400. d. June utilities 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 must be recorded. e. Employees have earned $5,100 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. 9. Additional property taxes of $1,700 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. General General Income Trial Balance Requirement St Owners Journal Ledger Statement Equity Balance Sheet Post Closing General Journal tab - Prepare any necessary adjusting and closing entries for the current fiscal year, General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement tab - 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 Statement of Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Balance Sheet tab - 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 tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance Trial Balance June 30, 2021 Account Title Credit Debit 70,300 $ 3,600 5,400 147,000 58,800 9.500 700 2,800 5,100 1,700 70,000 66,000 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable K Perry, Capital Dk. Porry, Withdrawals Construction revenue Depreciation expense - Equipment Wages expenso Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Total 22,000 0 172.000 DDDDDDDD 58,800 57.100 8,400 2.700 33,600 14,400 11,900 4,200 14,400 450,200 $ 390,200 General General Income St Owners Requirement Trial Balance Balance Sheet Post Closing Journal Ledger Statement Equity Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjus or post-closing balances will appear for each account, based on your selection. Post-closing PERRY CONSTRUCTION COMPANY Income Statement For Year Ended June 30 Revenues: his $ 0 0 Expenses: 0 0 0 0 0 0 0 0 0 0 $ 0 Net income c. Annual depreciation on equipment is $29,400. d. June utilities expense of $1,200 is not included in the unadjusted trial balance because the bill arrived after the trial balan prepared. The $1,200 amount owed must be recorded. e. Employees have earned $5,100 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. 9. Additional property taxes of $1,700 have been assessed for this fiscal year but have not been paid or recorded at fiscal ye h. $700 accrued interest for June has not yet been paid or recorded. General General Requirement Income Trial Balance St Owners Journal Balance Sheet Post Closing Ledger Statement Equity 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 PERRY CONSTRUCTION COMPANY Statement of Owner's Equity For Year Ended June 30 K. Perry, Capital, June 30 prior year Add: Investments by owner 45,000 $ 21,000 45,000 66,000 22,000 Less: Withdrawals by owner (22,000) 44,000 $ K. Perry, Capital, June 30 current year (Income Statement Balance Sheet> Balance Sheet June 30 ASSETS Current assets: $ 0 0 0 0 Plant assets: les LIABILITIES AND EQUITY Current liabilities: $ 0 0 0 0 0 0 0 $ 0 Noncurrent liabilities 0 Equity General General Income St Owners Requirement Trial Balance Balance Sheet Post Closing Journal Ledger Statement Equity 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 Type of Post-closing Trial Balance Post-closing Account Account trial balance? Dr. Cr. Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable K Perry, Capital K. Perry, Withdrawals Construction revenue Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable K Perry, Capital K. Perry, Withdrawals Construction revenue Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense $ 0 $ 0 Totals View transaction list View journal entry worksheet No Credit Date Account Title Debit 7,200 1 Jun 30 Supplies expense Supplies 7,200 2 Jun 30 2,700 Insurance expense Prepaid insurance 2,700 3 Jun 30 29,400 Depreciation expense - Equipment Accumulated depreciation - Equipment 29,400 4 Jun 30 1,200 Utilities expense Accounts payable 1,200 5 Jun 30 5,100 Wages expense Wages payable 5,100 6 Jun 30 2,800 Rent expense Rent payable 2,800 1,700 7 Jun 30 Property taxes expense Property taxes payable 1,700 700 8 Jun 30 Interest expense Interest payable 700 4 Jun 30 1,200 Utilities expense Accounts payable 1,200 5 Jun 30 5,100 Wages expense Wages payable 5,100 6 2.800 Jun 30 Rent expense Rent payable 2,800 7 Jun 30 1,700 Property taxes expense Property taxes payable 1,700 700 8 Jun 30 Interest expense Interest payable 700 9 Jun 30 Supplies expense 7,200 Supplies 7,200 10 Jun 30 Depreciation expense - Equipment Utilities expense 29,400 1,200