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 $45,000 and the owner invested another $24,500 cash in the company during the year Challenger Construction nadjusted Trial balance September 2020 Uudjusted Tral Balance Dr. $ 21,900 17,100 9,480 49.NO 105,500 5.40,400 5.900 8,000 NE Account 101 Cash 126 Supplies 121 Prepaid insurance 140 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 3ez Chris Challenger, withdrawals 401 Construction revenue 612 Depreciation expense, equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 583 Business taxes expense 584 Repairs expense 49,000 69,500 67,500 257,400 95,900 1.100 e 26,300 e 12,000 4.920 Additional information a. The inventory of supplies at the end of the year had a cost of $3,150 b. The cost of expired insurance for the year is $8.295. c. Annual depreciation of the equipment is $17.500 d. The September utilities expense was not included in the trial balance because the bill arrived after it was prepared its 5740 amount needs to be recorded e. The company's employees have earned $1,100 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 CHALLENGER CONSTRUCTION Work Sheet For Yoat Ended September 30, 2020 Balan Statement Adjustments Unadjusted Trial Balance Adjusted Trial Balance Income Statement Debit Credit Credit Debit Debit Debit Credit Credit No 101 126 128 Account Cash Supplies Prepaid insurance Debit $21.900 17.100 9.480 167 105,500 5 40,400 168 191 201 203 5.900 8.000 210 251 49,000 69 500 67,500 257 400 Equipment Accum depreciation equipment 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 expense Insurance expense Rent expense Supplies expense Business taxes expense Repairs expense Utilities expertise Totals 301 302 401 612 623 633 637 640 652 683 684 690 95,900 1,100 26,300 12.000 4920 7.700 $ 424300 $ 424 300 2 Use the work sheet to prepare the adjusting and closing entries View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 10 > Record consumption of supplies. Note: Enter debits before credits Debit General Journal Credit Date Sept. 30, 2020 3-a. Prepare an income statement for the year September 30, 2020. Year landed September 30, 2020 Revenues Operating expenses: 1 3-b. Prepare a statement of changes inequity for the year September 30, 2020. Sento changes in Equity For Year Ended September 30, 2020 Chris Challenger, capital, October 1 es Total Chris Challenger, capital, September 30 3-c. Prepare a balance sheet for the year September 30, 2020. $15,500 of the long-tero 2021. Education.com ent2 Help Save & E Check 3-c. Prepare a balance sheet for the year September 30, 2020 $15.500 of the long term note payable is to be paid by September 30, 2021 LA CONSTRUCTION Data She September 30, 2020 Assets Current assets Total current assets Long-term investments Property, plant and equipment 20C Cloudy