This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30,2017 The beginning balance of the owners capital account was $50,000 and the owner invested another $27,000 cash in the company during the year Challenger Construction Unadjusted Trial Balance September 30, 2017 Unadjusted Trial Balance No Account Dr Cr 101 Cash $ 22,400 126 Supplies 17,600 128 Prepaid insurance 10,080 149 Land not currently used in operations 54,000 167 Equipment 108,000 168 Accumulated depreciation, Equipment $ 40,900 191 Copyright 6,400 201 Accounts payable 8,500 203 Interest payable 0 210 Wages payable 0 251 Long term notes payable 54,000 301 Chris Challenger, capital 77,000 302 Chris Challenger, withdrawals 70,000 401 Construction revenue 257,200 612 Depreciation expense, equipment 0 623 Wages expense 96,400 633 Interest expense 1,300 637 Insurance expense 0 640 Rent expense 26,800 652 Supplies expense 0 683 Business taxes expense 11,000 684 Repairs expense 5,420 690 Utilities expense 8,200 Totals $ 437,600 $ 437,600 Additional information a The inventory of supplies at the end of the year had a cost of $3,400 b The cost of expired insurance for the year is $8,820 c Annual depreciation of the equipment is $18,000 d The September utilities expense was not included in the trial balance because the bill arrived after it was prepared Its $790 amount needs to be recorded e The companys employees have earned $4,600 of accrued wages f The interest expense of $130 for September has not yet been paid or recorded Required 1 Prepare a 10 column work sheet for fiscal 2017, starting with the unadjusted trial balance and including these additional facts 2 Use the work sheet to prepare the adjusting and closing entries 3 Prepare an income statement for the year September 30, 2018 4 Prepare a statement of changes inequity for the year September 30, 2018 5 Prepare a balance sheet for the year September 30, 2018 $18,000 of the long term note payable is to be paid by September 30, 2018 (Be sure to list the assets and liabilities in order of their liquidity )

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This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30,2017. The beginning balance of the owners capital account

This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30,2017. The beginning balance of the owners capital account was $50,000 and the owner invested another $27,000 cash in the company during the year.

Challenger Construction Unadjusted Trial Balance September 30, 2017
		Unadjusted Trial Balance
No.	Account		Dr.		Cr.
101	Cash	$	22,400
126	Supplies		17,600
128	Prepaid insurance		10,080
149	Land not currently used in operations		54,000
167	Equipment		108,000
168	Accumulated depreciation, Equipment			$	40,900
191	Copyright		6,400
201	Accounts payable				8,500
203	Interest payable				0
210	Wages payable				0
251	Long-term notes payable				54,000
301	Chris Challenger, capital				77,000
302	Chris Challenger, withdrawals		70,000
401	Construction revenue				257,200
612	Depreciation expense, equipment		0
623	Wages expense		96,400
633	Interest expense		1,300
637	Insurance expense		0
640	Rent expense		26,800
652	Supplies expense		0
683	Business taxes expense		11,000
684	Repairs expense		5,420
690	Utilities expense		8,200

	Totals	$	437,600	$	437,600

Additional information: a. The inventory of supplies at the end of the year had a cost of $3,400. b. The cost of expired insurance for the year is $8,820. c. Annual depreciation of the equipment is $18,000. d. The September utilities expense was not included in the trial balance because the bill arrived after it was prepared. Its $790 amount needs to be recorded. e. The companys employees have earned $4,600 of accrued wages. f. The interest expense of $130 for September has not yet been paid or recorded. Required: 1. Prepare a 10-column work sheet for fiscal 2017, starting with the unadjusted trial balance and including these additional facts:

2. Use the work sheet to prepare the adjusting and closing entries.

3. Prepare an income statement for the year September 30, 2018.

4. Prepare a statement of changes inequity for the year September 30, 2018.

5. Prepare a balance sheet for the year September 30, 2018. $18,000 of the long-term note payable is to be paid by September 30, 2018. (Be sure to list the assets and liabilities in order of their liquidity.)