required The adjusted trial balance for Montague Contracting

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 3,900

Solution

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