ACC 225 WEEK 4 ASSIGNMENT - PREPARING ENTRIES AND STATEMENTS

ACC 225 WEEK 4 ASSIGNMENT - PREPARING ENTRIES AND...

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ADAMS CONSTRUCTION CO. ADAMS CONSTRUCTION CO. ADAMS CONSTRUCTION CO. WORKSHEET Balance Sheet Income Statement For the Year Ended June 30, 2005 June 30, 2005 For Year Ended June 30, 2005 Unadjusted Adjusted Assets No. Account Title Trial Balance Adjustments Trial Balance Income Statement Balance Sheet Revenues Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Current Assets Construction Fees Earned 134,000 Cash 17,500 101 Cash 17,500 17,500 17,500 Supplies 3,200 Expenses 126 Supplies 8,900 5,700 (a) 3,200 3,200 Prepaid Insurance 2,300 Depreciation Expense-Equipment 8,500 128 Prepaid Insurance 6,200 3,900 (b) 2,300 2,300 Total Current Assets 23,000 Wages Expense 47,460 167 Equipment 131,000 131,000 131,000 Plant Assets and Equipments Interest Expense 2,880 168 Accumulated Depreciation-Equipment 25,250 8,500 (c.) 33,750 33,750 Equipment 131,000 Insurance Expense 3,900 201 Accounts Payable 5,800 550 (d) 6,350 6,350 Less: Accumulated Depreciation-Equipment 33,750 97,250 Rent Expense 13,400 203 Interest Payable - 240 (h) 240 240 Total Plant Assets and Equipments 97,250 Supplies Expense 5,700 208 Rent Payable - 200 (f) 200 200 Total Assets 120,250 Property Taxes Expense 5,500 210 Wages Payable - 1,600 (e) 1,600 1,600 Repairs Expense 2,810 213 Property Tax Payable - 900 (g) 900 900 Utilities Expense 4,550 251 Long-term Notes Payable 24,000 24,000 24,000 Liabilities Total Expenses 94,700 301 S. Adams, Capital 77,660 77,660 77,660 Net Income 39,300 302 S. Adams, Withdrawals 30,000 30,000 30,000 Current Liabilities 401 Construction Fees Earned 134,000 134,000 134,000 Accounts Payable 6,350 612
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