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Groenke Construction Co. Adjustments December 31, 20x7 Account Names Debit
Adjustments needed: 1. The supplies available at the end of the fiscal year 20x7 are at a cost of $5,700. 2. The companys em
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Answer #1
Adjust # Account Name Debit Credit
                1 Inventory-Supplies     5,700.00
Supplies     5,700.00
                2 Wages     3,500.00
Outstanding Wages     3,500.00
                3 Insurance Expense     8,600.00
Prepaid Insurance     8,600.00
                4 Rent Expense     2,250.00
Outstanding Expenses     2,250.00
                5 Depreciation     8,000.00
Accumulated Depreciation     8,000.00
                6 Interest Expense        450.00
Interest Outstanding        450.00
                7 Property Tax          625.00
Outstanding Expenses        625.00
                8 Utility Expenses        425.00
Outstanding Expenses        425.00
                9 Dividend 15,575.00
Cash 15,575.00
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