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Please help! a. The supplies available at the end of fiscal year 2017 had a cost of $3,060 b. The cost of expired insurance for
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a. The supplies available at the end of fiscal year 2017 had a cost of $3,060 b. The cost of expired insurance for the fiscal year is $3,465 c. Annual depreciation on equipment is $9,000. d. The June utilities expense of $540 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $540 amount owed needs to be recorded. e. The company's employees have earned $1,800 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200 g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2017 fiscal year. The $210 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2018 fiscal year.) Required 1. Prepare a 10-column work sheet for fiscal year 2017, starting with the unadjusted trlal balance and including adjustments based on the additional facts. 2a. Prepare the adjusting entries. (all dated June 30, 2017). 2b. Prepare the closing entries. (all dated June 30, 2017) 3a. Prepare the income statement for the year ended June 30. 3b. Prepare the statement of owner's equity for the year ended June 30. 3c. Prepare the classified balance sheet at June 30, 2017Step by Step Solution
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