GENERAL JOURNAL

Adjusting Entries
Dr. Cr.
a. Supplies expense 5700
Supplies 5700
b. Insurance expense 3900
Prepaid Insurance 3900
c. Depreciation expense-Equipment 8500
Accumulated depreciation-Equipment 8500
d. Utilities expense 550
Accounts payable 550
e. Wages expene 1600
Wages payable 1600
f. Rent expense 200
Rent payable 200
g. Property taxes expense 900
Property taxes payable 900
h. Interest expense 240
Interest payable 240

Closing Entries
Dr. Cr.
Construction fees earned 134,000
Income summary 134,000

Income summary 94,700

Depreciation expense—Equipment 8,500
Wages expense 47,460
Interest expense 2,880
Insurance expense 3,900
Rent expense 13,400
Supplies expense 5,700
Property taxes expense 5,500
Repairs expense 2,810
Utilities expense 4,550

Income summary 39,300

S. Adams, Capital 39,300

S. Adams, Capital 30,000

S. Adams, withdrawals 30,000
GENERAL LEDGER WORKSHEET
Unadjusted Trial Balance Adjustments
Dr. Cr. Dr.
Cash 17,500
Supplies 8,900 (a)
Prepaid insurance 6,200 (b)
Equipment 131,000
Accumulated depreciation—Equipment 25,250 (c)
Accounts payable 5,800 (d)
Interest payable - (h)
Rent payable - (f)
Wages payable - (e)
Property taxes payable - (g)
Long-term notes payable 24,000
S. Adams, Capital 77,660
S. Adams, Withdrawals 30,000
Construction fees earned 134,000
Depreciation expense—Equipment - (c) 8,500
Wages expense 45,860 (e) 1,600
Interest expense 2,640 (h) 240
Insurance expense - (b) 3,900
Rent expense 13,200 (f) 200
Supplies expense - (a) 5,700
Property taxes expense 4,600 (g) 900
Repairs expense 2,810
Utilities expense 4,000 (d) 550
Income summary 266,710 266,710 21,590
94,700 134,000 NET INCOME
39,300
 WORKSHEET
Adjustments Adjusted Trial Balance Balance Sheet and Statement of Owner's Equity
Income Statement
Cr. Dr. Cr. Dr. Cr. Dr. Cr.
17,500 17,500
5,700 3,200 3,200
3,900 2,300 2,300
131,000 131,000
8,500 33,750 33,750
550 6,350 6,350
240 240 240
200 200 200
1,600 1,600 1,600
900 900 900
24,000 24,000
77,660 77,660
30,000 30,000
134,000 134,000
8,500 8,500
47,460 47,460
2,880 2,880
3,900 3,900
13,400 13,400
5,700 5,700
5,500 5,500
2,810 2,810
4,550 4,550
21,590 278,700 278,700 94,700 134,000 184,000 144,700
39,300 39,300
134,000 134,000 184,000 184,000
 INCOME STATEMENT STATEMENT OF OWNER'S EQUITY
Construction Fees Earned 134,000 S. Adams, Capital, June 30 2010 52,660
Expenses: Plus:
Depreciation expense—Equipment (8,500) Additional investment by S. Adams 25,000
Wages expense (47,460) Net income 39,300
Interest expense (2,880) Less:
Insurance expense (3,900) S. Adams, Withdrawals (30,000)
Rent expense (13,400) S. Adams, Capital, June 30 2011 86,960
Supplies expense (5,700)
Property taxes expense (5,500)
Repairs expense (2,810)
Utilities expense (4,550)
NET INCOME 39,300
 BALANCE SHEET
ASSETS LIAIBILITIES
Cash 17,500 Accounts payable
Supplies 3,200 Interest payable
Prepaid insurance 2,300 Rent payable
Equipment 131,000 Wages payable
Accumulated depreciation—Equipment (33,750) Property taxes payable
Long-term notes payable
TOTAL LIABILITIES

EQUITY
S. Adams, Capital

TOTAL ASSETS 120,250 TOTAL LIBILITIES & EQUITY

 POST-CLOSING TRIAL BALANCE
LIAIBILITIES Dr. Cr.
6,350 Cash 17,500
240 Supplies 3,200
200 Prepaid insurance 2,300
1,600 Equipment 131,000
900 Accumulated depreciation—Equipment 33,750
24,000 Accounts payable 6,350
33,290 Interest payable 240
Rent payable 200
EQUITY Wages payable 1,600
86,960 Property taxes payable 900
Long-term notes payable 24,000
120,250 S. Adams, Capital - 86,960
TOTAL 154,000 154,000
 GENERAL JOURNAL
ADJUSTING ENTRIES
Dr. Cr.
a. Supplies expense 9900
Supplies 9900
b. Insurance expense 11500
Prepaid insurance 11500
c. Depreciation expense-Equipment 18000
Accumulated depreciation-Equipment 18000
d. Utilities expense 700
Accounts payable 700
e. Wages expense 2200
Wages payable 2200
f. Rent expense 5360
Rent payable 5360
g. Property taxes expense 450
Property taxes payable 450
h. Interest expense 200
Interest payable 200
CLOSING ENTRIES
Demolition fees earned 177,000
Income summary 177,000

Income summary 132,610

Depreciation expense—Equipment 18,000
Wages expense 53,600
Interest expense 2,400
Insurance expense 11,500
Rent expense 14,160
Supplies expense 9,900
Property taxes expense 8,850
Repairs expense 6,700
Utilities expense 7,500

Income summary 44,390

J. Bonair, capital 44,390

J. Bonair, capital 24,000

J. Bonair, withdrawals 24,000
GENERAL LEDGER WOR
Unadjusted Trial Balance
Dr. Cr.
Cash 9,000
Supplies 18,000
Prepaid insurance 14,600
Equipment 140,000
Accumulated depreciation—Equipment 10,000
Accounts payable 16,000
Interest payable -
Rent payable -
Wages payable -
Property taxes payable -
Long-term notes payable 20,000
J. Bonair, Capital 66,900
J. Bonair, Withdrawals 24,000
Demolition fees earned 177,000
Depreciation expense—Equipment -
Wages expense 51,400
Interest expense 2,200
Income summary Insurance expense -
132,610 177,000 Rent expense 8,800
44,390 Supplies expense -
0 Property taxes expense 8,400
Repairs expense 6,700
Utilities expense 6,800
Totals 289,900 289,900
Net Income
 WORKSHEET
Adjustments Adjusted Trial Balance Income Statement
Balance Sheet and Statement of owner's equity
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
9,000 9,000
(a) 9,900 8,100 8,100
(b) 11,500 3,100 3,100
140,000 140,000
(c) 18,000 28,000 28,000
(d) 700 16,700 16,700
(h) 200 200 200
(f) 5,360 5,360 5,360
(e) 2,200 2,200 2,200
(g) 450 450 450
20,000 20,000
66,900 66,900
24,000 24,000
177,000 177,000
(c) 18,000 18,000 18,000
(e) 2,200 53,600 53,600
(h) 200 2,400 2,400
(b) 11,500 11,500 11,500
(f) 5,360 14,160 14,160
(a) 9,900 9,900 9,900
(g) 450 8,850 8,850
6,700 6,700
(d) 700 7,500 7,500
48,310 48,310 316,810 316,810 132,610 177,000 184,200 139,810
44,390 44,390
177,000 177,000 184,200 184,200
 INCOME STATEMENT STATEMENT OF OWNER'S EQUITY
Demolition fees earned 177,000 J. Bonair, Capital, April 30 2010
Expenses: Plus:
Depreciation expense—Equipment (18,000) Additional investment by J. Bonair
Wages expense (53,600) Net income
Interest expense (2,400) Less:
Insurance expense (11,500) J. Bonair, Withdrawals
Rent expense (14,160) J. Bonair, Capital, April 30 2011
Supplies expense (9,900)
Property taxes expense (8,850)
Repairs expense (6,700)
Utilities expense (7,500)
NET INCOME 44,390
WNER'S EQUITY BALANCE SHEET
36,900 ASSETS
Cash 9,000
30,000 Supplies 8,100
44,390 Prepaid insurance 3,100
Equipment 140,000
(24,000) Accumulated depreciation—Equipment (28,000)
87,290

TOTAL ASSETS 132,200

E SHEET POST-CLOSING TRIAL BALANCE
LIABILITIES Dr.
Accounts payable 16,700 Cash 9,000
Interest payable 200 Supplies 8,100
Rent payable 5,360 Prepaid insurance 3,100
Wages payable 2,200 Equipment 140,000
Property taxes payable 450 Accumulated depreciation—Equipment
Long-term notes payable 20,000 Accounts payable
Interest payable
Rent payable
EQUITY Wages payable
J. Bonair, Capital 87,290 Property taxes payable
TOTAL LIABILITIES & EQUITY 132,200 Long-term notes payable
J. Bonair, Capital -
TOTAL 160,200
NCE
Cr.

28,000
16,700
200
5,360
2,200
450
20,000
87,290
160,200