The unadjusted trial balance of Fix It Co at December 31

#1703
The unadjusted trial balance of Fix-It Co. at December 31, 2015, the end of the current year, is
shown below.The data needed to determine year-end adjustments are as follows:a. Supplies on
hand at December 31 are $4,000.b. Insurance premiums expired during year are $2,000.c. The
equipment has a life of 20 years.d. The trucks have a useful life of 5 years.e. Wages accrued
but not paid at December 31 are $450.Instructions1. For each account listed in the trial balance,
enter the balance in the appropriate Balance column of a three-column account and place a
check mark (?) in the Posting Reference column.2. Journalize and post the adjusting entries,
inserting balances in the accounts affected. The following additional accounts from Fix-It’s chart
of accounts should be used: Wages Payable, 2020; Supplies Expense, 5020; Depreciation
Expense, 5040; Insurance Expense, 5070.3. Prepare an adjusted trial balance.4. Prepare an
income statement, a statement of owner’s equity (no additional investments were made during
the year), and a balance sheet.5. Journalize and post the closing entries. (Income Summary is
account #3030 in the chart of accounts.) Indicate closed accounts by inserting a line in the
balance column opposite the closing entry.6. Prepare a post-closing trial balance.View Solution:
The unadjusted trial balance of Fix It Co at December 31

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