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Real Work Sheet Assigment 3

Adams Construction Co. provided a work sheet for the month ended June 30, 2005 including trial balances, adjustments, and financial statements. The trial balance showed cash of $17,500, supplies of $3,200 after a $5,700 adjustment, and prepaid insurance of $2,300 after a $3,900 adjustment. The income statement showed construction fee revenue of $134,000 and net income of $39,300.

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Emmclan Lau
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194 views2 pages

Real Work Sheet Assigment 3

Adams Construction Co. provided a work sheet for the month ended June 30, 2005 including trial balances, adjustments, and financial statements. The trial balance showed cash of $17,500, supplies of $3,200 after a $5,700 adjustment, and prepaid insurance of $2,300 after a $3,900 adjustment. The income statement showed construction fee revenue of $134,000 and net income of $39,300.

Uploaded by

Emmclan Lau
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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ADAMS CONSTRUCTION CO.

Work Sheet
For Month Ended 30 June 2005

Balance sheet &


Statement of
Unadjusted Trial Adjusted Trial Income statement Owner’s equity
Balance Adjustments Balance
No. Account Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
101 Cash 17,500 17,500 17,500
126 Supplies 8,900 (a)5,700 3,200 3,200
128 Prepaid Insurance 6,200 (b)3,900 2,300 2,300
167 Equipment 131,000 131,000 131,000
168 Accumulated depreciation- 25,250 (c)8,500 33,750 33,750
Equipment
201 Account payable 5,800 5,800 5,800
203 Interest payable 0 (h)240 240 240
208 Rent payable 0 (f)200 200 200
210 Wages payable 0 (e)1,600 1,600 1,600
213 Property taxes payable 0 (g)900 900 900
251 Long-term notes payable 24,000 24,000 24,000
301 S. Adams, Capital 77,660 77,660 77,660
302 S. Adams, Withdrawal 30,000 30,000 30,000
401 Construction fees earned 134,000 134,000 134,000
612 Depreciation expense-Equipment 0 (c)8,500 8,500 8,500
623 Wages expense 45,860 (e)1,600 47,460 47,460
633 Interest expense 2,640 (h)240 2,880 2,880
637 Insurance expense 0 (b)3,900 3,900 3,900
640 Rent expense 13,200 (f)200 13,400 13,400
652 Supplies expense 0 (a)5,700 5,700 5,700
683 Property taxes expense 4,600 (g)900 5,500 5,500
684 Repairs expense 2,810 2,810 2,810
690 Utilities expense 4,000 (d)550 4,550 4,550
Accrual utilities (d)550 550 550
Totals 266,710 266,710 21,590 21,590 278,700 278,700 94,700 134,000 184,000 144,700
Net income 39,300 39,300
Totals 134,000 134,000 184,000 184,000

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