GL0403 (Algo) - Based on Problem 4-2A LO C1, P1, P2

The unadjusted trial balance for Wright Construction Company at its June 30 current fiscal year-end, is found on the trial balance tab. The credit balance of the K. Wright, Capital account was $72,000 on June 30 of the prior year, and the owner invested $50,000 cash during the current fiscal year. Information for adjustments is as follows:

1. Supplies available at the end of the current fiscal year total $3,500.
2. Cost of expired insurance for the current fiscal year is $2,600.
3. Annual depreciation on equipment is $30,600.
4. June utilities expense of $1,350 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $1,350 amount owed must be recorded.
5. Employees have earned $5,400 of accrued and unpaid wages at fiscal year-end.
6. Rent expense incurred and not yet paid or recorded at fiscal year-end is $2,800.
7. Additional property taxes of $1,800 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
8. $700 accrued interest for June has not yet been paid or recorded.

Requirement

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.