60.1K

Verified Solution

Link Copied!

The following unadjusted Trial Balance for Shawn's Construction for year ended Dec 31, 2013. Beginning Capital Balance on December 31" 2012 was $30000 Shawn's Construction Company Unadjusted Trial Balance December 31, 2013 Account Title Debit Credit Cash $20000 Supplies 10000 Prepaid Insurance 7200 Equipment 130000 Accumulated Depreciation Equipment $26000 Accounts Payable 6000 Interest Payable Rent payable Wages payable Property Taxes payable Long Term Notes Payable 25000 S. Dean Capital 87060 S. Dean withdrawels 50000 Construction Fees earned 140000 Depreciation Expense Equipment Wage Expense 46860 Interest Expense 2000 Insurance Expense Rent Expense 12000 Supplies Expense Property Tax Expense Repairs Expense 890 Utilities Expense 6000 Totals 284060 284060 1) Prepare and complete a 10 column worksheet for fiscal year ended 2013, starting with the unadjusted Trial Balance and including adjustments based on these additional facts: a. The supply balance at the end of 2013 is $1000. b. The cost of expired insurance for fiscal year 2013 is $550. c. Annual depreciation on Equipment is $8000. d. Unrecorded December utilities expense is $600. e. Shawns employee's had earned an additional $5000 at year end (unrecorded). f. Rent expense incurred and not yet paid is $500. g. Additional property taxes assessed for this year but not yet paid or recorded is $1000. h. $250 interest for month of December is due on long term note and not yet recorded. 2) Using the information from the completed 10-column work sheet in part 1. prepare the adjusting journal entries and closing entries. 3) Prepare the income statement and the statement of owners equity for year ended December 31" 2013 and the classified balance sheet at December 31" 2013

Answer & Explanation Solved by verified expert

See Answer