Question

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 No Account Title Debit Credit 101 Cash $20000 126 Supplies 10000 128 Prepaid Insurance 7200 167 Equipment 130000 168 Accumulated Depreciation- Equipment $26000 201 Accounts Payable 6000 203 Interest Payable Rent payable 208 210 Wages payable Property Taxes payable 213 25000 Long Term Notes Payable 251 87060 S. Dean Capital 301 50000 S. Dean withdrawels 302 140000 Construction Fees earned 401 Depreciation Expense Equipment 612 46860 Wage Expense 623 2000 Interest Expense 633 Insurance Expense 637 12000 Rent Expense 640 652 Supplies Expense 683 Property Tax Expense Repairs Expense 684 6000 Utilities Expense 690 284060 284060 Totals

Answer 1

Balance Sheet Trial Balance Debit $ 20,000.00 $ 10,000.00 $ 7,200.00 $ 1,30,000.00 $ 20,000.00 $ 1,000.00 $ 6,650.00 $1,30,000.00 Account Name Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Utilties Expenses Payable Interest Payable Rent Payable Wages Payable Property taxes payable Long Term Notes Payable S.Dean Capital S.Dean Drawings Construction fees earned Depreciation Expense -Equipment Wage Expense Interest Expense E Shawn's Construction Worksheet For the month ended December 31st, 2013 Adjustments Adjusted Trial Balance Income Statement Credit Debit Credit Debit Credit Debit Credit $ 20,000.00 $ 9,000.00 $ 1,000.00 $ 550.00 $ 6,650.00 $1,30,000.00 $ 26,000.00 $ 8,000.00 $ 34,000.00 $ 6,000.00 $ 6,000.00 $ 600.00 600.00 $ 250.00 $ 250.00 $ 500.00 $ - 500.00 $ 5,000.00 $ 5,000.00 $ 1,000.00 $ .. $ 1,000.00 $ 25,000.00 $ 25,000.00 $ 87,060.00 $ 87,060.00 $ 50,000.00 $1,40,000.00 $ 1,40,000.00 $ 1,40,000.00 $ 8,000.00 $ 8,000.00 $ 8,000.00 $ 5,000.00 $ 51,860.00 $ 51,860.00 $ 250.00 $ 2,250.00 $ 2,250.00 $ $ 34,000.00 $ 6,000.00 $ 600.00 $ 250.00 $ 500.00 $ 5,000.00 $ 1,000.00 $ 25,000.00 $ 87,060.00 $ 50,000.00 $ 50,000.00 $ 46,860.00 $ 2,000.00

$ 2,000.00 $ 12,000.00 Interest Expense Insurance Expense Rent Expense Supplies Expense Property Tax Expense Utilities Expense Total Net Income Total $ $ $ $ $ $ $ 250.00 $ 2,250.00 550.00 $ 550.00 500.00 $ 12,500.00 9,000.00 $ 9,000.00 1,000.00 $ 1,000.00 600.00 $ 6,600.00 24,900.00 $ 24,900.00 $2,99,410.00 $ $ 2,250.00 $ 550.00 $ 12,500.00 $ 9,000.00 $ 1,000.00 $ 6,600.00 $ 91,760.00 $ 1,40,000.00 $2,07,650.00 $1,59,410.0 $ 48,240.00 $ 48,240.00 $1,40,000.00 $ 1,40,000.00 $2,07,650.00 $2,07,650.04 $ 6,000.00 $2,84,060.00 $2,84,060.00 2,99,410.00 Credit Shawn's Construction Adjusting Journal Entries General Journal Debit Supplies Expenses $ 9,000.00 To Supplies (Amount of Supplies Expenses) $ 9,000.00 40 b) $ 550.00 Insurance Expenses To Prepaid Insurance (Amount of Expired Insurance) $ 41 42 550.00 43 44 C) Depreciation Expense $ 8,000.00

c) $ 8,000.00 B Depreciation Expense To Accumulated Depreciation (Amount of Depreciation Expense) $ 8,000.00 $ 600.00 Utilities Expense To Utilities Expenses Payable (Amount of Utilties expense) $ 600.00 $ 5,000.00 Wages Expenses To Wages Payable (Amount of Salaries Expensses) $ 5,000.00 $ 500.00 Rent Expense To Rent Payable (Being amount of Rent Expenses) $ 500.00 $ 1,000.00 Property Tax Expense To Property Taxes Payable (Amount of Property Tax Expense) $ 1,000.00 $ 250.00 Interest Expenses To Interest Payable (Amount of Interest Expense payable) $ 250.00

D Credit C Shawn's Construction Closing Entries General Journal Debit Construction feed earned $1,40,000.00 To Income Summary (Construction fees earned transferred to Income summary account) $1,40,000.00 $ 91,760.00 Income Summary Account To Wages Expense To Insurance Expense To Rent Expense To Supplies Expense To Property Tax Expense To Utilities Expense To Depreciation Expense To Interest Expense (Expenses transferred to Income Summary account) $ 51,860.00 $ 550.00 $ 12,500.00 $ 9,000.00 $ 1,000.00 $ 6,600.00 $ 8,000.00 $ 2,250.00 $ 48,240.00 Income Summary To S.Dean Capital (Net Income transferred to S.Dean Account) $ 48,240.00

A в C D $ 50,000.00 $ 50,000.00 S.Dean's Capital To S.Dean's Drawings (S.Dean's Drawings transferred to Capital account) $1,40,000.00 Shawn's Construction Income Statement Month Ended December 31, 2013 Revenue Construction fees earned=(A) Expenses Wage Expense $ 51,860.00 Interest Expense $ 2,250.00 Insurance Expense $ 550.00 Rent Expense $ 12,500.00 Supplies Expense $ 9,000.00 Property Tax Expense $ 1,000.00 Utilities Expense $ 6,600.00 Depreciation Expense - Equipment $ 8,000.00 Total Expenses=(B) Net Income=(A)-(B) 103 104 105 1106 107 108 109 1110 $ 91,760.00 $ 48,240.00

A 111 112 113 Shawn's Construction Statement of Owner's Equity Month Ended December 31st, 2013 114 115 116 S.Dean Capital Add: Net Income Less: Drawings Owner's Equity $ 87,060.00 $ 48,240.00 $ -50,000.00 $ 85,300.00 117 118 119

121 122 123 726 $ 27,650.00 $ 96,000.00 $ 1,23,650.00 Balance Sheet December 31st, 2013 Assets Cash $ 20,000.00 Supplies $ 1,000.00 Prepaid Insurance $ 6,650.00 Total Current Assets Equipment $1,30,000.00 Accumulated Depreciation - Equipment $ (34,000.00) $ 96,000.00 Total Assets Liabilities & Stockholder's Equity Accounts Payable $ 6,000.00 Utilties Expenses Payable $ 600.00 Interest Payable $ 250.00 Rent Payable $ 500.00 Wages Payable $ 5,000.00 Property taxes payable $ 1,000.00 Long Term Notes Payable $ 25,000.00 Total Liabilities Stockholder's Equity Total Liabilities and Stockholder's Equity 137 138 139 140 $ 38,350.00 $ 85,300.00 $ 1,23,650.00 141