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Part 2: Power and Demolition Compay

The following unadjusted trial balance is for Power and Demolition Company as of year-end for the April 30, 2015 fiscal year. The April 30, 2015 credit balance of the owner's equity account is $46,900, and the owner invested $40,000 cash in the company during 2015.

NO. Account Title Debit Credit

101 Cash (Debit) $7,000

126 Supplies (Debit) $16,000

128 Pre-paid Insurance (Debit) $12,600

167 Equipment (Debit) $200,000

168 Accumulated Depreciation - equipment (credit) $14,000

201 Accounts Payabl (Credit) $6,800

251 Long-term notes payable (Credit) $30,000

301 Bonn, equity (Credit) $86,900

302 Bonn Withdrawals (debit) $12,000

401 Demolition fees earned (Credit) $187,000

623 Wage expense (credit) $41,400

633 Interest expense (debit) $3,300

640 Rent expense (debit) $13,200

683 Property tax expense (debit) $9,700

684 Repairs expense (debit) $4,700

690 Utilities expense (debit) $4,800

Totals (Debit) $324,700 (Credit) $324,700

Instructions:

a) Journalize the following adjusting entries as of fiscal year-end April 30, 2015. b) Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance. c) Create financial statements.

The supplies available at the end of fiscal 2015 year are at a cost of $7,900.

The cost of expired insurance for the fiscal year is $10,600.

Annual depreciation on equipment is $7,000; no other depreciation adjustment was made in 2015.

The April utilities expense of $800 is not included in the adjusted trial balance, because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded..

The company's employees have earned $2000 of accrued wages in the fiscal year.

The rent expense not yet paid or recorded in the fiscal year is $3000.

Additional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts.

The $300 accrued interest for April has not yet been paid and reported.

PART 2A Power and Demolition Co, Adjustment April 30, 2015 Adjust # Account Names Debit Credit PART 2B Power and Demolition Co, Adjustment April 30, 2015 Continued UTB ADJUSTMENT Debit ATB Acct # Account Names Debit Credit Credit Debit Credit $7,000 16,000 $12,600 $200,000 $7,000 101 Cash 26 Supplies 128 Pre-paid insurance 167 Equipment $14,000 $6,800 Accumulated. Depreciation 201 Account payable Utilities payable Wages payable Rent Payable $30,000 $86,900 251 Long-term notes payable 301 Bonn, Equity 302 Bonn, Withdrawals 401 Demolition fees eamed 623 Wage expense 633 Interest expense 640 Rent expense 683 Property tax expense 684 Repairs expense 690|Utilities expense $12,000 $187,000 $41,400 3,300 $13,200 $9,700 $4,700 $4,800 Supply expense Insurance expense BE SURE TO CREATE A FINANCIAL STATEMENT FROM THE ABOVE ATB