Financial

Accounting 1 - ED

Presenter: Cindy Tun

Lecturer: Clifton Garbutt
March 2nd, 2023
Objectives

Prepare journal entries and post in Ledger

accounts

Prepare an unadjusted Trail Balance

Analyze and post adjusting entries and prepare

an adjusted Trial Balance

Prepare Financial Statements (Income Statement

and Balance Sheet

Prepare and post Closing Entries in a Trial

Balance
Prepare unadjusted Trail Balance
Adam's Construction Co.
Unadjusted Trial Balance
June 30, 2011

Unadjusted
Account Titles Dr Cr
Cash 101 17,500.00
Supplies 126 8,900.00
Prepaid Insurance 128 6,200.00
Shop Equipment 167 131,000.00
Accumulated Depreciation-Equipment 168 25,250.00
Accounts Payable 201 5,800.00
Interest payable 203
Rent Payable 208
Wages Payable 210
Property Tax Payable 213
Long terms Notes Payable 251 24,000.00
S. Adams, Capital 301 77,660.00
S. Adams, Withdrawals 302 30,000.00
Construction Fees Earned 401 134,000.00
Depreciation Expense-Equipment 612
Wages Expense 623 45,860.00
Interest Expense 633 2,640.00
Insurance Expenses 637
Rent Expense 640 13,200.00
Supplies Expense 652
Property Taxes Expense 683 4,600.00
Repairs Expense 684 2,810.00
Utilities Expense 690 4,000.00
Analyze and post adjusting entries and prepare adjusted Trial Balance
Adam's Construction Co. Adam's Construction Co.
Unadjusted Trial Balance Adjusted Trial Balance
June 30, 2011 June 30, 2011

Unadjusted Adjustment Adjusted

Account Titles Dr Cr Dr Cr Dr Cr
Cash 101 17,500.00 17,500.00
Supplies 126 8,900.00 5,700.00 3,200.00
Prepaid Insurance 128 6,200.00 3,900.00 2,300.00
Shop Equipment 167 131,000.00 131,000.00
Accumulated Depreciation-Equipment 168 25,250.00 8,500.00 33,750.00
Accounts Payable 201 5,800.00 550.00 6,350.00
Interest payable 203
Rent Payable 208 200.00 200.00
Wages Payable 210 1,600.00 1,600.00
Property Tax Payable 213 900.00 900.00
Long terms Notes Payable 251 24,000.00 24,000.00
S. Adams, Capital 301 77,660.00 77,660.00
S. Adams, Withdrawals 302 30,000.00 30,000.00
Construction Fees Earned 401 134,000.00 134,000.00
Depreciation Expense-Equipment 612 8,500.00 8,500.00
Wages Expense 623 45,860.00 1,600.00 47,460.00
Interest Expense 633 2,640.00 2,640.00
Insurance Expenses 637 3,900.00 3,900.00
Rent Expense 640 13,200.00 200.00 13,400.00
Supplies Expense 652 5,700.00 5,700.00
Property Taxes Expense 683 4,600.00 900.00 5,500.00
Repairs Expense 684 2,810.00 2,810.00
Utilities Expense 690 4,000.00 550.00 4,550.00

Totals 266,710.00 266,710.00 21,350.00 21,350.00 278,460.00 278,460.00

Prepare Financial Statements
Adam's Construction Co.
Income Statement
June 30, 2011

Income Statement
Account Titles Dr Cr

Construction Fees Earned 401 134,000.00

Depreciation Expense-Equipment 612 8,500.00

Wages Expense 623 47,460.00

Interest Expense 633 2,640.00

Insurance Expenses 637 3,900.00

Rent Expense 640 13,400.00

Supplies Expense 652 5,700.00

Property Taxes Expense 683 5,500.00

Repairs Expense 684 2,810.00

Utilities Expense 690 4,550.00

Totals 94,460.00 134,000.00

Net Income 39,540.00

Totals 134,000.00 134,000.00

Prepare Financial Statements
Adam's Construction Co.
Balance Sheet & Equity
June 30, 2011

Balance Sheet & Equity

Account Titles Dr Cr
Cash 101 17,500.00

Supplies 126 3,200.00

Prepaid Insurance 128 2,300.00

2 Shop Equipment 167 131,000.00
Accumulated Depreciation-Equipment 168 33,750.00

Accounts Payable 201 6,350.00

Interest payable 203

Rent Payable 208 200.00

Wages Payable 210 1,600.00

Property Tax Payable 213 900.00

Long terms Notes Payable 251 24,000.00
S. Adams, Capital 301 77,660.00
S. Adams, Withdrawals 302 30,000.00

Totals 184,000.00 144,460.00

Net Income 39,540.00

184,000.00 184,000.00
Prepare Post Closing Entries in a Trial Balance

1
Thank you!