required: The adjusted trial balance for Montague Contracting as of December 31,
ID: 2604665 • Letter: R
Question
required: The adjusted trial balance for Montague Contracting as of December 31, 2018, follows MONTAGUE CONTRACTING Adjusted Trial Balance December 31, 2018 101 Cash 104 Short-term investments 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 Building 174 Accumulated depreciation-Building 183 Land 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 213 Property taxes payable 233 Unearned professional fees 251 Long-term notes payable 307 Common stock 318 Retained earnings 319 Dividends 401 Professional fees earned 406 Rent earned 407 Dividends earned 409 Interest earned 606 Depreciation expense-Building 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 682 Postage expense 8,000 22,000 8,800 45,000 177,000 56,270 22,506e 59,006 18,000 2,900 3,280 2,400 1,000 7,960 70,500 8,000 121,700 11,900 100,000 16,500 2,100 2,600 12,980 6,750 31,000 3,800 8,700 11,500 6,100 3,900Explanation / Answer
Solution:
Dec 31
Professional fees earned ………………………………..100,000
Rent earned ……………………………………………………. 16,500
Dividends earned ……………………………………………. 2,100
Interest earned …………………………………………….… 2,600
Income summary ……………………………………………121,200
Dec 31
Income summary ……………………………… 102,130
Depreciation expense (building) ……………………. 12,980
Depreciation expense (Equipment) ……………….. 6,750
Wages expense …………………………………………….. 31,000
Interest expense ………………………………………….. 3,800
Insurance expense ……………………………………….. 8,700
Rent expense …………………………………………………. 11,500
Supplies expense …………………………………………… 6,100
Postage expense ………………………………………….. 3,900
Property taxes expense ……………………………….. 4,600
Repairs expense …………………………………………… 7,900
Telephone expense ……………………………………… 1,700
Utilities expense …………………………………………… 3,200
Dec 31
Income summary …………………….. 19,070
Montague capital ……………………… 19,070
Dec. 31
Montague capital …………………….11,900
Montague withdrawals ……………….. 11,900
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