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Cash

Accounts Payable

Service Revenue

Bal.

4,400

19,400

Bal.

Clos. (1)

48,300

48,300

Bal.

Bal.

4,400

19,400

Bal.

0

Bal.

Accounts Receivable

Interest Payable

Insurance Expense

Bal.

4,500

8,000

Bal.

Bal.

5,000

5,000

Clos. (2)

Bal.

4,500

8,000

Bal.

Bal.

0

Office Supplies

Salaries Payable

Salaries Expense

Bal.

2,700

2,200

Bal.

Bal.

32,900

32,900

Clos. (2)

Bal.

2,700

2,200

Bal.

Bal.

0

Prepaid Insurance

Unearned Revenue

Supplies Expense

Bal.

1,900

7,100

Bal.

Bal.

900

900

Clos. (2)

Bal.

1,900

7,100

Bal.

Bal.

0

Land

Notes Payable

Interest Expense

Bal.

13,200

37,000

Bal.

Bal.

8,000

8,000

Clos. (2)

Bal.

13,200

37,000

Bal.

Bal.

0

Building

Estrada, Capital

Utilities Expense

Bal.

77,000

Clos. (3)

8,000

40,000

Bal.

Bal.

1,800

1,800

Clos. (2)

Bal.

77,000

Clos. (4)

27,500

Bal.

0

4,500

Bal.

Accumulated Depr.—Building

Estrada, Withdrawals

Depreciation Expense—Building

25,500

Bal.

Bal.

27,500

27,500

Clos. (4)

Bal.

7,700

7,700

Clos. (2)

25,500

Bal.

Bal.

0

Bal.

0

Income Summary

Clos. (2)

56,300

48,300

Clos. (1)

Bal.

8,000

8,000

Clos. (3)

0

Bal.

QUESTION: . Prepare the​ company's post-closing trial balance at June 30, 2018.

Estrada Real Estate Appraisal

Post-Closing Trial Balance

June 30, 2018

Balance

Account Title

Debit

Credit

Total

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Hubert Koch
Hubert KochLv2
28 Sep 2019

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This worksheet looks to me as if it is already finished, but this question insists that I still need to complete it in its entirety. I have been stuck for hours on this. Please help me!

The question is as follows: The unadjusted trial balance information, as well as the adjustment data, have already been entered into the worksheet. You need to complete the worksheet in its entirety.

Unadjusted Adjusted Income Bal. Sheet
Trial Balance Adjustments Trial Balance Statement Stmt. Own. Equity
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 250,000 250,000 250,000
Accounts Receivable 280,000 280,000 280,000
Allowance for Doubtful Accounts 12,500 2,415 14,915 14,915
Merchandise Inventory 745,000 5,000 740,000 740,000
Office Supplies 2,300 735 1,565 1,565
Prepaid Insurance 7,000 3,500 3,500 3,500
Land 1,628,803 1,628,803 1,628,803
Building 1,000,000 1,000,000 1,000,000
Accumulated Depreciation - Building 700,000 700,000 700,000
Equipment & Furniture - Warehouse 7,900 7,900 7,900
Accumulated Depreciation - Equip & Furn. - Warehouse 5,643 775 6,418 6,418
Equipment & Furniture - Office 7,421 7,421 7,421
Accumulated Depreciation - Equip & Furn. - Office 2,000 825 2,825 2,825
Accounts Payable 800,000 800,000 800,000
Wages Payable 0 0 0
Interest Payable 2,500 2,500 2,500
Dividends Payable 0 0 0
Unearned Rent 7,400 2,143 5,257 5,257
Notes Payable 200,000 200,000 200,000
Bonds Payable 90,000 90,000 90,000
Mortgage (Warehouse) Payable 197,000 197,000 197,000
Common Stock, $1 Par, 100,000 Authorized; 60,000 shares Issued/Outstanding 30,200 30,200 30,200
Paid In Capital - Excess of Par 1,560,000 1,560,000 1,560,000
Retained Earnings 20,500 20,500 20,500
Treasury Stock 0 0 0
Sales 1,067,500 1,067,500 1,067,500
Cost of Goods Sold 636,700 5,000 641,700 641,700
Wage Expense (hourly workers) 10,000 10,000 10,000
Salaries Expense (Exempt Staff) 32,100 32,100 32,100
Marketing Expense 64,000 64,000 64,000
Travel and Entertainment Expense 1,250 1,250 1,250
Bad Debt Expense 0 2,415 2,415 2,415
Property Tax Expense 1,455 1,455 1,455
Office Maintenance & Repair Expense 0 0 0
Legal Expenses 6,340 6,340 6,340
Insurance Expense 0 3,500 3,500 3,500
Utilities Expense 2,000 2,000 2,000
Office Supplies Expense 0 735 735 735
Telecommunications Expense 754 754 754
Depreciation Expense - Equip & Furniture - Warehouse 0 775 775 775
Depreciation Expense - Equip & Furniture - Office 0 825 825 825
Rent Income 0 2,143 2,143 2,143
Interest Expense 12,220 12,220 12,220
Total 4,695,243 4,695,243 15,393 15,393 4,699,258 4,699,258 780,069 1,069,643 3,919,189 3,629,615
289,574 289,574
Net Income (Loss) 1,069,643 1,069,643 3,919,189 3,919,189

Create a Multi-Step Income Statement, Statement of Retained Earnings, Classified Balance Sheet and Statement of Cash Flows. These financial statements are being prepared for the fiscal month ending May 31st. Build the financial statements within the given blanks. The month of May's worksheet is to be utilized while creating the financial statements. Additional information folows:

-For the Statement of Retained Earnings, assume a beginning balance in the Retained Earnings account of $366,000. Also assume that $345,500 of dividends were declared.

-For the Classified Balance Sheet, assume that the company only has common stock and that the value of common stock at par value equals $30,200. Further assume that the value of paid-in-capital excess of par on the common stock has a value of $1,560,000.

-For the Statement of Cash Flow assume that the company purchased equipment with $200,000 cash. The company sold land and received $429,000 in cash. Also assume the following ending balances from the last financial period: Cash: $345,091; A/R: $525,000; Inventory: $836,000; Office Supplies: $5,000; A/P: $675,800. Additionally, the company paid cash dividends during the period of $345,500. Create the Statement of Cash Flow using the Indirect Method.

Worksheet for May

Unadjusted Adjusted Income Bal. Sheet
Trial Balance Adjustments Trial Balance Statement Stmt. Own. Equity
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 250,000 250,000 250,000
Accounts Receivable 280,000 280,000 280,000
Allowance for Doubtful Accounts 12,500 2,415 14,915 14,915
Merchandise Inventory 745,000 5,000 740,000 740,000
Office Supplies 2,300 735 1,565 1,565
Prepaid Insurance 7,000 3,500 3,500 3,500
Land 1,628,803 1,628,803 1,628,803
Building 1,000,000 1,000,000 1,000,000
Accumulated Depreciation - Building 700,000 700,000 700,000
Equipment & Furniture - Warehouse 7,900 7,900 7,900
Accumulated Depreciation - Equip & Furn. - Warehouse 5,643 775 6,418 6,418
Equipment & Furniture - Office 7,421 7,421 7,421
Accumulated Depreciation - Equip & Furn. - Office 2,000 825 2,825 2,825
Accounts Payable 800,000 800,000 800,000
Wages Payable 0 0 0
Interest Payable 2,500 2,500 2,500
Dividends Payable 0 0 0
Unearned Rent 7,400 2,143 5,257 5,257
Notes Payable 200,000 200,000 200,000
Bonds Payable 90,000 90,000 90,000
Mortgage (Warehouse) Payable 197,000 197,000 197,000
Common Stock, $1 Par, 100,000 Authorized; 60,000 shares Issued/Outstanding 30,200 30,200 30,200
Paid In Capital - Excess of Par 1,560,000 1,560,000 1,560,000
Retained Earnings 20,500 20,500 289,574 310,074
Treasury Stock 0 0 0
Sales 1,067,500 1,067,500 1,067,500
Cost of Goods Sold 636,700 5,000 641,700 641,700
Wage Expense (hourly workers) 10,000 10,000 10,000
Salaries Expense (Exempt Staff) 32,100 32,100 32,100
Marketing Expense 64,000 64,000 64,000
Travel and Entertainment Expense 1,250 1,250 1,250
Bad Debt Expense 0 2,415 2,415 2,415
Property Tax Expense 1,455 1,455 1,455
Office Maintenance & Repair Expense 0 0 0
Legal Expenses 6,340 6,340 6,340
Insurance Expense 0 3,500 3,500 3,500
Utilities Expense 2,000 2,000 2,000
Office Supplies Expense 0 735 735 735
Telecommunications Expense 754 754 754
Depreciation Expense - Equip & Furniture - Warehouse 0 775 775 775
Depreciation Expense - Equip & Furniture - Office 0 825 825 825
Rent Income 0 2,143 2,143 2,143
Interest Expense 12,220 12,220 12,220
Total 4,695,243 4,695,243 15,393 15,393 4,699,258 4,699,258 1,069,643 1,069,643 3,919,189 3,919,189
0 0
Net Income (Loss) 1,069,643 1,069,643 3,919,189 3,919,189
Income Statement
For the Month Ended May 31, 2016
Sales
Statement of Retained Earnings
For the Month Ended May 31, 2016
Balance Sheet
May 31, 2016
Statement of Cash Flow
For the Month Ended May 31, 2016

Kurtz Fencing Inc. uses a job order cost system. The followingdata summarize the operations related to production for March, thefirst month of operations:

a. Materials purchased on account,$28,610.
b. Materials requisitioned andfactory labor used:
Job Materials Factory Labor
301 $2,810 $2,640
302 3,710 3,920
303 2,340 1,910
304 8,210 7,110
305 5,360 5,270
306 3,780 3,390
For general factory use 1,060 4,040
c. Factory overhead costs incurredon account, $5,710.
d. Depreciation of machinery andequipment, $1,910.
e. The factory overhead rate is $55per machine hour. Machine hours used:
Job Machine Hours
301 24
302 36
303 29
304 73
305 41
306 24
Total 227
f. Jobs completed: 301, 302, 303and 305.
g. Jobs were shipped and customerswere billed as follows: Job 301, $8,520; Job 302, $10,770; Job 303,$15,650.
Required:
1. Journalize the entries torecord the summarized operations. Record each item (items a-f) asan individual entry on March 31. Record item g as 2 entries. Referto the Chart of Accounts for exact wording of accounttitles.
2. Post the appropriate entries toT accounts for Work in Process and Finished Goods, using theidentifying letters as transaction codes. Insert memo accountbalances as of the end of the month. For grading purposes entertransactions in alphabetical order. Determine the correct endingbalance. The ending balance label is provided on the left side ofthe T account even when the ending balance is a credit. The unusedcell on the balance line should be left blank.
3. Prepare a schedule ofunfinished jobs to support the balance in the work in processaccount.*
4. Prepare a schedule of completedjobs on hand to support the balance in the finished goodsaccount.*
*Refer to the list of AmountDescriptions for the exact wording of the answer choices for textentries.

Chart of Accounts

CHARTOF ACCOUNTS
KurtzFencing Inc.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
132 Work in Process
133 Factory Overhead
134 Finished Goods
141 Supplies
142 Prepaid Insurance
143 Prepaid Expenses
181 Land
191 Machinery and Equipment
192 Accumulated Depreciation-Machineryand Equipment
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
241 Lease Payable
251 Wages Payable
252 Consultant Fees Payable
EQUITY
311 Common Stock
340 Retained Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Office Supplies Expense
540 Administrative Expenses
561 Depreciation Expense-Machinery andEquipment
590 Miscellaneous Expense
710 Interest Expense

Amount Descriptions

AmountDescriptions
Balance of Work in Process, January30
Finished Goods, January 30 (Job305)
Job No. 301
Job No. 302
Job No. 303
Job No. 304
Job No. 305
Job No. 306

Journal

Shaded cells have feedback.

1. Journalize the entries to record the summarized operations.Record each item (items a-f) as an individual entry on March 31.Record item g as 2 entries. Refer to the Chart of Accounts forexact wording of account titles.

All transactions on this page must be entered (except for postref(s)) before you will receive Check My Work feedback.

PAGE 10

JOURNAL

Score: 117/225

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

Materials are recorded in the Materials Inventory account untilrequisitioned.

All direct costs: materials and labor are recorded in the Workin Process account.

All indirect costs are considered as overhead and are recordedin the Factory Overhead account.

Overhead is applied to Work in Process using a predeterminedoverhead rate.

The cost of completed jobs should be moved to the Finished Goodsaccount.

The cost of sold jobs should be moved to the Cost of Goods Soldaccount.

T Accounts

Shaded cells have feedback.

2. Post the appropriate entries to T accounts for Work inProcess and Finished Goods, using the identifying letters astransaction codes. Insert memo account balances as of the end ofthe month. For grading purposes enter transactions in alphabeticalorder. Determine the correct ending balance. The ending balancelabel is provided on the left side of the T account even when theending balance is a credit. The unused cell on the balance lineshould be left blank.

Work in Process
b f
e
Bal.
Finished Goods
f g
Bal.

Points:

6 / 12

Feedback

Check My Work

Post entries to the Work in Process T account and to theFinished Goods T account.

Schedule of Unfinished Jobs

Shaded cells have feedback.

3. Prepare a schedule of unfinished jobs to support the balancein the work in process account. Refer to the list of AmountDescriptions for the exact wording of the answer choices for textentries.

Question not attempted.

Score: 0/51

Kurtz Fencing Inc.

Schedule of Unfinished Jobs

1

Job

Direct Materials

Direct Labor

Factory Overhead

Total

2

3

4

Points:

0 / 12

Feedback

Check My Work

Include the direct materials, direct labor, and factory overheadfor each unfinished job.

Schedule of Completed Jobs

Shaded cells have feedback.

4. Prepare a schedule of completed jobs on hand to support thebalance in the finished goods account. Refer to the list of AmountDescriptions for the exact wording of the answer choices for textentries.

Kurtz Fencing Inc.

Schedule of Completed Jobs

1

Job

Direct Materials

Direct Labor

Factory Overhead

Total

2

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