P3-65A is the one required Requirements 1. Using Exhibit 3 - 9 as an example, pr
ID: 2445347 • Letter: P
Question
P3-65A is the one required
Requirements 1. Using Exhibit 3 - 9 as an example, prepare the adjusted trial balance of London, Inc., at December 31, 20X6. Key each adjusting entry by letter. 2. Prepare the monthly income statement, the statement of changes in equity, and the classified balance sheet. Draw arrows linking the three statements. P3 - 65A (Learning Objective 3: Analyzing and recording adjustments) Peachtree Apartments, Inc.'s unadjusted and adjusted mal balances at April 30, 20X6, follow. Requirements 1. Make the adjusting entries that account for the differences between the two trial balances. 2. Compute Peachtree's total assets, total liabilities, total equity, and net income.Explanation / Answer
Answer:
Accounts Receivable A/C Dr. 910 (6810-5900)
To Rental Revenue A/C $910
Supplies Expense A/C Dr. $1200
To Supplies A/C $1200
Insurance Expense A/C Dr. $ 1700
To Prepaid Expense A/C $1700
Depreciation expense-Building A/C Dr. $1400
To Accumulated depreciation-Building A/C $1400
Wages expense A/C Dr. $1000
To wages payable A/C $1000
Unearned rental revenue A/C Dr. $500
To Rental revenue A/C $500
Interest receivable A/C Dr. $200
To interest revenue A/C $200
Answer:2 Net income
Particulars Amount ($) Rental revenue 26510 Add: Interest revenue 600 Total revenue 27110 Less: dep expense 1400 Supplies expense 1200 Utilities expense 400 Wages expense 2300 Insurance expense 1700 Property tax expense 400 Net income 19710Related Questions
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