Help Save & E This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2020 The beginning balance of the owner's capital account was $54,000 and the owner invested another $20,000 cash in the company during the year Challenger Construction Unadjusted Trial Balance September 30, 2020 Unadjusted Trial Balance Dr. cr. $ 21,00 16,200 8,400 40,000 101,000 $ 39,500 5,000 7,180 @ No. Account 101 Cash 126 Supplies 128 Prepaid insurance 149 Land not currently used in operations 167 Equipment 168 Accumulated depreciation, Equipment 191 Copyright 201 Accounts payable 203 Interest payable 210 Wages payable 251 Long-term notes payable 301 Chris Challenger, capital 302 Chris Challenger, withdrawals 401 Construction revente 612 Depreciation exp equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Business taxes expense 684 Repairs expense 690 Utilities expense Totals 40,000 74,000 63,000 238,320 95.000 1,100 25,400 e 12,000 4.020 6.800 $398,920 5398,920 7,169 se, eee 74.000 63,00 238,320 201 Accounts payable 203 Interest payable 210 Wages payable 251 Long ter notes payable 301 Chris Challenger, capital 302 Chris Challenger, withdrawals 401 Construction revenue 612 Depreciation expense, equipment 523 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Business taxes expense 684 Repairs expense 690 Utilities expense Totals e 95,000 1,100 25,400 12,000 4,020 5.800 $398,920 $398,920 Additional information: a. The inventory of supplies at the end of the year had a cost of $2,700 b. The cost of expired insurance for the year is $7.350. c. Annual depreciation of the equipment is $16,600. d. The September utilities expense was not included in the trial balance because the bill arrived after it was prepared. Its 5650 amount needs to be recor e. The company's employees have earned $3 200 of accrued wages f. The interest expense of S110 for September has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for fiscal 2020, starting with the unadjusted trial balance and including the above additional facts CHEER CONSTRUCTION Work Short For Yearted Sep 30, 2011 Data Sheet State Unadjusted Trial Balance Mjesnents ne St Crode Debi Credit Debat Crede De Crede Cradle Debit $ 21,000 16.200 8.400 40.000 101.000 S 39 500 5.000 7.100 Account Cash Supplies Prepaid Insurance Land not currently used in operation Equipment Accum depreciation equipment Copyright Accounts payable Interest payable Wages payable Long-term notes payable Chris Challenger capital Chris Challenger, withdrawals Construction revenue Depreciation expense, equipment Wages expense 40.000 74 000 63.000 238 320 95.000 Help Seve Submit 5,000 7.100 40.000 74,000 63.000 238 320 Copyright Accounts payable Interest payable Wages payable Long-term notos payable Chris Challenger, capital Chris Challenger withdrawals Construction revenue Depreciation expense, equipment Wages expense Interest exponse Insurance expense Rent expense Supplies expense Business taxes expense Repairs expense Utilities expense Totals 95.000 1.100 25,400 12.000 4020 5,800 $ 398 920 5 398 920 $ 05 05 05 os 05 0 $ 05 0 $ 05 05 05 Totals News 2. Use the work sheet to prepare the adjusting and closing entries. View transaction list Journal entry worksheet 2. 3 4 5 6 7 8 9 10 Record consumption of supplies. 7 . Note: Enter debits before credits General Journal Debit Credit Date Sept. 30, 2020 CA Hom 3-a. Prepare an income statement for the year September 30, 2020. CHALLENGER CONSTRUCTION Income Statement For Year Ended September 30, 2020 Revenues Operating expenses. 3-b. Prepare a statement of changes inequity for the year September 30, 2020. CHALLENGER CONSTRUCTION Statement of Changes in Equity For Year Ended September 30, 2020 Chris Challenger, capital, October 1 0 Total $ 0 Chris Challenger, capital, September 30 3-c. Prepare a balance sheet for the year September 30, 2020. $11,000 of the long-term note payable is to be paid by September 30, 2021 CHALLENGER CONSTRUCTION Balance Sheet Soptumber 30, 2020 Assets Current assets S 0 Total current assets Long-term investments Property, plant and equipment Intangible assets Intangible assets: Total assets 0 Liabilities Current liabilities: Total current liabilities $ 0 Long-term liabilities: GA 0 Total liabilities Equity GA 0 Total liabilities and equity