Question about Microsoft Office Accounting Professional 2008 Upgrade: Windows

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The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner?s capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year. ADAMS CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2005 Cash...........................................Debit 17,500 Supplies......................................Debit 8,900 Prepaid insurance........................Debit 6,200 Equipment..................................Debit 131,000 Accumulated depreciation? Equipment............................Credit 25,250 Accounts payable.......................Credit 5,800 Interest payable..........................Credit 0 Rent payable..............................Credit 0 Wages payable..........................Credit 0 Property taxes payable...............Credit 0 Long-term notes payable............Credit 24,000 S. Adams, Capital.....................Credit 77,660 S. Adams, Withdrawals.............Debit 30,000 Construction fees earned...........Credit 134,000 Depreciation expense? Equipment...........................Debit 0 Wages expense.......................Debit 45,860 Interest expense......................Debit 2,640 Insurance expense...................Debit 0 Rent expense..........................Debit 13,200 Supplies expense....................Debit 0 Property taxes expense...........Debit 4,600 Repairs expense.....................Debit 2,810 Utilities expense.....................Debit 4,000 Totals..........Debit 266,710 Credit 266,710 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?s employees have earned $1,600 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 1% per month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2005 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (Note that the company is required to make a $5,000 payment toward the note payable during the 2006 fiscal year.) 2. Use the work sheet to enter the adjusting and closing entries; then journalize them. 3. Prepare the income statement and the statement of owner?s equity for the year ended June 30 and the classified balance sheet at June 30, 2005. Analysis Component 4. Analyze the following separate errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and, if not, the effect of the error on the financial statements. a. Assume that the adjustment for supplies used consisted of a credit to Supplies for $3,200 and a debit for $3,200 to Supplies Expense. b. When the adjusted trial balance in the work sheet is completed, the $17,500 Cash balance is incorrectly entered in the Credit column.

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  • Janet
    Janet Jul 20, 2010

    That sounds good, if you have something to send me, send it to my email address jazzyshoes2004@yahoo.com This problem has really been stressing me out to the point that I was just going to give up, but any help I can get I do appreciate. Thanks!

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What operating system do you have on your computer? You still haven't given me proper feedback on questions I have asked. If you download and open the doc file at the link I gave you it has all the information. If you accept/rate my solution accordingly. I can continue to assist you and make sure you get the file. I can even turn it into a .pdf if that will help you. but you will still need to download it.
Thank you,
Lee

Posted on Jul 20, 2010

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Sorry we will not do your homework Or give financial info To a person on a company. If you need finance advice I recommend you see an account to get it.

Posted on Jul 20, 2010

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I'm not really sure what your asking, is your problem with the program not working correctly or are you just having a problem with getting your equations properly linked?

Posted on Jul 20, 2010

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I see all the information but what is your question? Use the Excel spreadsheet wizard and it will create the spreadsheet for you.

Posted on Jul 20, 2010

  • James Young Jul 21, 2010

    The problem isn't that difficult. Go back to your instructor or the Coaching lab and they'll break it down for you. The issue here is you are letting the whole problem overwhelm you instead of breaking it down. Break the problem into smaller pieces. First make the spreadsheet with column, then put in the data you have then calculate the formulas. The formulas are basic algebra problems. You know two of the answers you should be able to calculate the missing piece. If you keep trying to hammer at this problem as a whole your always going to be stressed and frustrated. Break it down into pieces you can deal with.

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SOURCE: I have an Accounting problem I

Hi,

Download the answer from the file i have already uploaded for you.

http://rapidshare.com/files/407376727/2009-08-24_110929_Taran.xls

Let me know,if needed further assistance.

Hope i helped you.

Thanks for using ' Fixya ' and have a nice day!!

Posted on Jul 17, 2010

leethedeuce
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SOURCE: The following unadjusted trial balance

You can download the .doc file from the link below for free. This has the tables all set up and all the answers you need.
http://www.megaupload.com/?d=84NDKV9J
Thank you and enjoy,
Lee

Posted on Jul 19, 2010

Testimonial: "He was helpful, it was my computer that would not let me download some of his help, but if you could maybe send what you helping me with to my email address at jazzyshoes2004@yahoo.com and then let me see if I can download that. Thanks alot."

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Hi,

Download the answer from the file i have already uploaded for you.

http://rapidshare.com/files/407376727/2009-08-24_110929_Taran.xls

Let me know,if needed further assistance.

Hope i helped you.

Thanks for using ' Fixya ' and have a nice day!!

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