Question

The following unadjusted trial balance is for Montana Construction Company as of year-end for the December...

The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20x7.

NO.      Account Title                          Debit               Credit

101      Cash                                         $7,000

126      Supplies                                   $16,000

128      Pre-paid insurance                   $12,600

167      Equipment                               $200,000

168      Accumulated depreciation – equipment $14,000

201      Accounts payable $6,800

251      Long-term notes payable $30,000

301      Stockholders’ equity $86,900

302      Dividends                                 $12,000

401      Demolition fees earned $187,000

623      Wage expense $41,400

633      Interest expense                     $3,300

640     Rent expense                          $13,200

683     Property tax expense               $9,700

684      Repairs expense                      $4,700

690     Utilities expense                      $4,800

TOTALS $324,700         $324,700

Instructions:

a) Journalize the following adjusting entries as of fiscal year-end December 31, 20x7.

Adjustments needed:

The supplies available at the end of fiscal 20x7 year are at a cost of $7,900.

The cost of expired insurance for the fiscal year is $10,600.

Annual depreciation on equipment is $7,000; no other depreciation adjustment was made in 20x7.

The December utilities expense of $800 is not included in the adjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded.

The company's employees have earned $2000 in accrued wages for the fiscal year.

The rent expense not yet paid or recorded in the fiscal year is $3000.

Additional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts.

The $300 accrued interest for December has not yet been paid and reported.

Montana Construction Co, Adjustments December 31, 20X7
Adjust # Account Names Debit Credit
1
2
3
4
5
6
7
8

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December...
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20x7. NO.      Account Title                          Debit               Credit 101      Cash                                         $7,000 126      Supplies                                   $16,000 128      Pre-paid insurance                   $12,600 167      Equipment                               $200,000 168      Accumulated depreciation – equipment $14,000 201      Accounts payable $6,800 251      Long-term notes payable...
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December...
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20x7. NO.      Account Title                          Debit               Credit 101      Cash                                         $7,000 126      Supplies                                   $16,000 128      Pre-paid insurance                   $12,600 167      Equipment                               $200,000 168      Accumulated depreciation – equipment $14,000 201      Accounts payable $6,800 251      Long-term notes payable...
Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first...
Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first year of operations, December 31, 20X5: Account Debit Credit Cash 3,300 Accounts receivable 4,000 Supplies 500 Truck 8,000 Acc. dep. – truck 0 Accounts payable 5,000 Unearned rent revenue 2,400 Income taxes payable 0 Capital Stock 7,000 Dividends 1,000 Rent earned 16,000 Commissions expense 1,000 Depreciation expense-truck 0 Supplies expense 0 Salaries expense 7,000 Telephone expense 0 Income tax expense 0 Rent expense 5,600...
Portfolio Project Option #1 is for accounting students who are sensing learners, and learn best from...
Portfolio Project Option #1 is for accounting students who are sensing learners, and learn best from concrete materials and examples. If this is your learning style preference, you are practical and careful with detail. For this assignment, you are required to complete all three accounting cases: Arizona Consultants Inc., Power and Demolition Company, and Warnerwood. You will then present Parts 1, 2, and 3 of the Portfolio Project in Excel as journal entries, following the exact instructions that accompany each...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31,...
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 7,255 Prepaid Rent 16,000 Equipment 295,285 Accumulated Depreciation $224,260 Accounts Payable 78,555 Wages Payable 0   Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 144,000   Interest Expense 6,840 ________      Totals $1,528,565 $1,528,565 Adjusting Items: 1....
The unadjusted trial balance for People First as December 31, 2017 is provided on the trial...
The unadjusted trial balance for People First as December 31, 2017 is provided on the trial balance tab. Information for adjustments is as follows: As of December 31, 2017, employees had earned $1,800 of unpaid and unrecorded salaries. The next payday is January 4, at which time $2,250 of salaries will be paid. The cost of supplies still available at December 31, 2017, is $2,000. The notes payable requires an interest payment to be made every three months. The amount...