Question

Requirements 1. Make the adjusting entries that account for the differences between the two trial balances 2. Compute Valley Apartments Inc.'s total assets, total liabilities, total equity, and net income. Prove your answer with the accounting equation nt Sa pts: Requirement 1. Make the adjusting entries that account for the differences between the two trial balances. The first difference occurs in the Accounts Receivable account. Record the adjustment to Accounts Receivable and the related account. (Record debits first, then credits. Enter explanations on the last line.) 9 Journal Entry Accounts Date Debit Credit uestio April 30

Answer 1

		JOURNAL ENTRY
	Date	Account	Debit	Credit
	April,30	Accounts Receivable	$300
		Rental Revenue		$300
	April,30	Interest Receivable	$600
		Interest Income		$600
	April,30	Supplies Expenses	$650		(950-300)
		Supplies		$650
	April,30	Insurance Expenses	$1,500		(2800-1300)
		Prepaid Insurance		$1,500
	April,30	Depreciation Expense	$2,600		(18700-16100)
		Accumulated Depreciation		$2,600
	April,30	Wages expenses	$900
		Wages Payable		$900
	April,30	Unearned Rental Revenue	$900		(1200-300)
		Rental Revenue		$900