90.2K

Verified Solution

Link Copied!

The unadjusted trial balance for Perez Construction Co. as of June 30, 2019, the end of its fiscal year, is found on the trial balance tab. The June 30, 2018, credit balance of the owner's capital account was $59,000, and the owner invested $55,000 cash in the company during the 2019 fiscal year. Information for adjustments is as follows: a. The supplies available at the end of fiscal year 2019 had a cost of $3,400. b. The cost of expired insurance for the fiscal year is $2.500. c. Annual depreciation on equipment is $31.800. d. The June utilities expense of $900 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $900 amount owed needs to be recorded. e. The company's employees have earned $5,700 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $2,800. g. Additional property taxes of $1,900 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $700 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing General Journal tab - Prepare any necessary adjusting and closing entries for the current fiscal year. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - 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. Statement of Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Balance Sheet tab - 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. Post-Closing tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance. unaajustea General Ledger Account Cash Supplies Debit No. Debit Credit No. Credit Date Jun 30 Balance 121,000 Date Jun 30 Balance 10.200 Equipment Prepaid insurance Debit Credit No. No.1 Debit Credit Date Jun 30 Balance 7,500 Date Jun 30 Balance 159,000 Accumulated depreciation - Equipment Date Dehlt Credit Jun 30 No. Accounts payable Debit Credit No. Balance 63,600 Date Jun 30 Balance 11,300 Long-term notes payable J. Perez, Capital Debit Credit No. Debit Credit No. Date Jun 30 Balance 70,000 Date Jun 30 Balance 114,000 J. Perez, Withdrawals Debit Credit Construction fees earned Debit Credit No. No. Date Jun 30 Balance 22,000 Date Jun 30 Balance 176,000 Wages expense Debit Credit Interest expense Debit Credit No. No. Date Jun 30 Balance 53,000 Date Jun 30 Balance 7,700 Rent expense Debit Credit Property taxes expense Debit Credit No. No. Date Jun 30 Balance 30,800 Date Jun 30 Balance 11,400 Repairs expense Debit Credit Utilities expense Debit Credit No. No.1 Date Jun 30 Balance 3,300 Date Jun 30 Balance 9,000 Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Unadjusted PEREZ CONSTRUCTION CO. Trial Balance June 30, 2019 Account Title Credit Debit 121,000 10,200 7,500 159,000 63,600 11,300 70,000 114,000 Cash Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Long-term notes payable J. Perez, Capital J. Perez, Withdrawals Construction fees earned Wages expense Interest expense Rent expense Property taxes expense Repairs expense Utilities expense Total 22,000 176,000 53,000 7,700 30,800 11,400 3,300 9,000 434,900 $ $ 434,900

Answer & Explanation Solved by verified expert

See Answer