A140/ACG1022 Section 14 Financial Accounting I - Winter 2013 module 4
neelassignment_mod_04_2.xlsx
M4 Assignment
Module 4 Assignment: | ||||||||||||||
The unadjusted trial balance for Smith Constructions and the information needed for the month-end adjustments follows. | ||||||||||||||
Insurance coverage remaining at May 31 $1,000 | ||||||||||||||
Supplies used during the month $800 | ||||||||||||||
Depreciation on the equipment was $2,400 | ||||||||||||||
Accrued utilities expense was $200 for the month. This will be paid in June | ||||||||||||||
Accrued wages at May 31 were $1,000 | ||||||||||||||
Revenues still unearned at month end were $2,000 | ||||||||||||||
Smith Construction | ||||||||||||||
Unadjusted Trial Balance | ||||||||||||||
31-May | ||||||||||||||
Account | Debit | Credit | ||||||||||||
10. | Cash | 47,240 | ||||||||||||
12. | Accounts Receivable | 8,080 | ||||||||||||
13. | Prepaid Insurance | 1,500 | ||||||||||||
14. | Supplies | 1,500 | ||||||||||||
16. | Equipment | 24,000 | ||||||||||||
18. | Tools | 1,200 | ||||||||||||
20. | Accounts Payable | 0 | ||||||||||||
22. | Unearned Revenue | 7,000 | ||||||||||||
30. | Common Stock | 42,500 | ||||||||||||
32. | Dividends | 3,900 | ||||||||||||
40. | Service Revenue | 51,700 | ||||||||||||
50. | Salary Expense | 10,780 | ||||||||||||
52. | Rent Expense | 2,000 | ||||||||||||
54. | Repair Expense | 1,000 | ||||||||||||
Total | 101,200 | 101,200 | ||||||||||||
Requirements: | ||||||||||||||
1 | Prepare the adjusting entries. | |||||||||||||
Date | Accounts | Post Ref. | Debit | Credit | ||||||||||
2 | Prepare the adjusted trial balance. | |||||||||||||
Smith Construction | ||||||||||||||
Adjusted Trial Balance | ||||||||||||||
31-May | ||||||||||||||
Account | Debit | Credit | ||||||||||||