Required 1. Prepare a 10-column work sheet for fiscal year 2005, starting with t

Question

Required

1. Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance

and including adjustments based on these additional facts:

a. The supplies available at the end of fiscal year 2005 had a cost of $3,200.

b. The cost of expired insurance for the fiscal year is $3,900.

c. Annual depreciation on equipment is $8,500.

d. The June utilities expense of $550 is not included in the unadjusted trial balance because the

bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded.

e. The company

Explanation / Answer

a. The supplies available at the end of fiscal year 2005 had a cost of $3,200.
Dr Supplies Expense 5,700
Cr Supplies 5,700
b. The cost of expired insurance for the fiscal year is $3,900.
Dr Insurance Expense 3,900
Cr Prepaid Insurance 3,900
c. Annual depreciation on equipment is $8,500.
Dr Depreciation Expense, Equipment 8,500
Cr Accumulated Depreciation 8,500
d. The June utilities expense of $550 is not included in the unadjusted trial balance because the
bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded.
Dr Utilities Expense 550
Cr Accounts Payable 550
e. The company

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