JonesContractors, Inc.
December 31, 2015
Unadjusted Trial balance

Part 1: Prepare adjusting journal entriesusing the unadjusted trial balance on the previous page and the information provided below.  Use only the account names provided on the previous page (do not create any new account names).

1. The prepaid insurance balance reflects a12-month insurance policy whichstarted on Sept. 1, 2015, and no adjustments were made from Sept. 1 - Dec. 31, 2015.  Write the adjusting journal entry for Dec. 31, 2015.

2. Additional depreciation expense of $10,000 needs to be recorded for the year ended 2015.

3. Additional wages due to employees of $4,000 ($4,000 more than the recorded $3,000 balance) needs to be recorded at year end.  These wages will be paid to employees on January 9, 2016. (next month)

4. The company has completed $9,900 of the $16,900 in unearned revenue as of Dec. 31st.

5. In Dec.the companyprovided services worth $3,000 to clients that were not yet billed or recorded by Dec. 31.  Record the additional revenue.

6. On Dec 31stthe company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand.

Part 2: Post the adjusting journal entries to t-accounts:

(Hints on getting started: Above each T-account, write the account name of each account affected by an adjusting journal entry (you may not need to use all of the T-accounts). Write in the unadjusted balance for each of these accounts (from page 1)...the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your adjusting journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.)

Part 3:  Prepare the Adjusted Trial Balance (i.e., after the previous 6 journal entries are posted)

Jones Contractors, Inc.
December 31, 2015
Adjusted Trial balance

Part 4:  Prepare theIncome Statement, the Statement of Retained Earnings, and a Classified Balance Sheet (in this order).  Include the appropriate titles, subtotals and totals.

(You may not use all the lines provided in the statements depending on how you label titles)
Jones Contractors, Inc.

Income Statement
Year Ended Dec. 31, 2015

Jones Contractors, Inc.
Statement of Retained Earnings
Year Ended Dec. 31, 2015

Jones Contractors, Inc.
CLASSIFIED Balance Sheet
As of Dec. 31, 2015

(Note: The two columns below do not represent debit and credit balances like they do on a trial balance.  On the Balance Sheet, use the right column for subtotals and totals.)

Part 5: Answer the following questions using the above completed financial statements:

What is Net Income or Net Loss?

What is Total Current Assets?

What is Total Current Liabilities?

What is Total Assets?

What is Total Stockholders Equity?