GLO403 - Based on Problem 4-2A LO C3, P1, P2 The unadjusted trial balance for Walker 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 $50,000, and the owner invested $40,000 cash in the company during the 2019 fiscal year. Information for adjustments as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $3,900. b. The cost of expired insurance for the fiscal year is $3,000. c. Annual depreciation on equipment is $30,000. d. The June utilities expense of $750 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $750 amount owed needs to be recorded. e. The company's employees have earned $5,250 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 $2,200. g. Additional property taxes of $1,750 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $550 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 Walker Construction Company. View transaction list Journal entry worksheet The supplies available at the end of fiscal year 2019 had a cost of $3,900. Record the required adjusting entry, if any. 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 Walker Construction Company. View transaction list Journal entry worksheet prepared. ine $750 amount owed needs to be recorded. e. The company's employees have earned $5,250 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 $2,200. g. Additional property taxes of $1,750 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $550 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 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. Adjusted WALKER CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 S. Walker, Capital, June 30, 2018 Add: Investments by owner 50,000 40,000 40,000 90,000 Less: Withdrawals by owner 25,000 (25,000) 65,000 S. Walker, Capital, June 30, 2019 $ Income Statement Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing 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. Adjusted WALKER CONSTRUCTION CO. Balance Sheet June 30, 2019 ASSETS Current assets: $ oooo Plant assets: LIABILITIES AND EQUITY Current liabilities: $ 0 0 0 0 0 0 $ 0 Noncurrent liabilities 0 Equity Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing 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. Adjusted Included on Post-closing trial balance? Type of Post-closing Trial Balance Account Account 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 S. Walker, Capital S. Walker, Withdrawals Construction fees earned Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ 0 $ 0 The supplies available at the end of fiscal year 2019 had a cost of $3,900. Record the required adjusting entry, if any. 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 Walker Construction Company. View transaction list Journal entry worksheet prepared. ine $750 amount owed needs to be recorded. e. The company's employees have earned $5,250 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 $2,200. g. Additional property taxes of $1,750 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $550 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 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. Adjusted WALKER CONSTRUCTION CO. Statement of Owner's Equity For Year Ended June 30, 2019 S. Walker, Capital, June 30, 2018 Add: Investments by owner 50,000 40,000 40,000 90,000 Less: Withdrawals by owner 25,000 (25,000) 65,000 S. Walker, Capital, June 30, 2019 $ Income Statement Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing 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. Adjusted WALKER CONSTRUCTION CO. Balance Sheet June 30, 2019 ASSETS Current assets: $ oooo Plant assets: LIABILITIES AND EQUITY Current liabilities: $ 0 0 0 0 0 0 $ 0 Noncurrent liabilities 0 Equity Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing 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. Adjusted Included on Post-closing trial balance? Type of Post-closing Trial Balance Account Account 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 S. Walker, Capital S. Walker, Withdrawals Construction fees earned Depreciation expense - Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ 0 $ 0