Question
The following unadjusted trial balance is for Lee Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account
The following unadjusted trial balance is for Lee Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $58,000 on June 30 of the prior year. Information for adjustments is as follows:
Supplies available at the end of the current fiscal year total $3,500.
Cost of expired insurance for the current fiscal year is $2,600.
Annual depreciation on equipment is $27,600.
June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed must be recorded.
Employees have earned $4,650 of accrued and unpaid wages at fiscal year-end.
Rent expense incurred and not yet paid or recorded at fiscal year-end is $1,400.
Additional property taxes of $1,550 have been assessed for this fiscal year but have not been paid or recorded at fiscal year-end.
$350 accrued interest for June has not yet been paid or recorded.
-epare the required adjusting entries and closing entries for Lee Construction Company. Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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. 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. -epare the required adjusting entries and closing entries for Lee Construction Company. Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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. 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 tabStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started