GL0403 - Based on Problem 4-2A LO C3, P1, P2
GL0403 - Based on Problem 4-2A LO C3, P1, P2 The unadjusted trial balance for Allen Construction Co. as of June 30, 2019, the end of its fiscal year, is found on the trial balance tab. The June 30, 2018, credit balance of the owner's capital account was $66,000, and the owner invested $40,000 cash in the company during the 2019 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $4,100. b. The cost of expired insurance for the fiscal year is $3,200. c. Annual depreciation on equipment is $29,400. d. The June utilities expense of $1,250 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $1,250 amount owed needs to be recorded. e. The company's employees have earned $5,100 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $2,400. g. Additional property taxes of $1,700 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $600 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required adjusting entries and closing entries for Allen Construction Company. View transaction list View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 E.. The supplies available at the end of fiscal year 2019 had a cost of $4,100. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet The cost of expired insurance for the fiscal year is $3,200. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet .... The company's employees have earned $5,100 of accrued and unpaid wages at fiscal year-end. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet The rent expense incurred and not yet paid or recorded at fiscal year-end is $2,400. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 Additional property taxes of $1,700 have been assessed for this fiscal year but have not been paid or recorded in the accounts. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet The $600 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Record the required adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet ... Record the entry to close the revenue account(s). Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Journal entry worksheet .... Record the entry to close the expense account(s). Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general iournal Journal entry worksheet Record the entry to close Income summary. Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Journal entry worksheet
