The unadjusted trial balance for Smith Constructions and the information needed for the month-end adjustments follows.

 

Insurance coverage remaining at May 31  $1,000

Supplies used during the month  $800

Depreciation on the equipment was  $2,400

Accrued utilities expense was $200 for the month. This will be paid in June

Accrued wages at May 31 were  $1,000

Revenues still unearned at month end were  $2,000

 

 

Smith Construction

Unadjusted Trial Balance

31-May 

 

       Account                                  Debit                       Credit

10.   Cash                                     47,240

12.   Accounts Receivable               8,080

13.   Prepaid Insurance                    1,500

14.   Supplies                                 1,500

16.   Equipment                            24,000

  

Required:

 

1.  Prepare the adjusting entries. 

 

2.  Prepare the adjusted trial balance.