Question

Student Date Instructor: Gayathri Amancheria Course 5 PM MW Financial Accounting Spring 2020 Assignment MOTERM 1 Meadowland Rental Company Trial Balance Worksheet June 30, 2018 Tral Balance Adjusted Trial Balance $ 7.500 $ 7.600 4.100 Accounts receivable Interest recevate 66.000 2.300 56.900 5.900 6.900 15.000 43.800 15.000 43.800 4.100 17.300 1200 4,100 16.900 800 1.300 Succes Prepaid insurance Bunding Acu ted depreciation building Accounts payable Wages payable Uneamedrental revenue Common stock Retained earnings Dividends Rental revenue Interest revenue Depreciation expense building Supplies expense U s expense Wage expense Property tax expense Insurance expense 300 500 500 1.100 300 1.000 300 1.700 $96.580 S 96.580 $ 93.900 5 93.900 Total 1. Make the adjusting entries that account for the differences between the two trial balances 2Compute Meadowland's total assetstotalfabiles et incomeand totalt

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Meadowland Rental Company
Workings for adjustment entries	Amount $
Adjusted Accounts Receivable	6,100.00
Less: Unadjusted Accounts Receivable	5,900.00
Rental Revenue	200.00
Adjusted Interest Receivable	400.00
Less: Unadjusted Interest Receivable	-
Interest Revenue	400.00
Unadjusted Supplies	1,200.00
Less: Adjusted Supplies	900.00
Supplies expense	300.00
Unadjusted Prepaid Insurance	2,300.00
Less: Adjusted Prepaid Insurance	600.00
Prepaid Insurance expense	1,700.00
Adjusted Accumulated Deprecation- Building	9,800.00
Less: Unadjusted Accumulated Deprecation- Building	8,500.00
Deprecation Expense- Building	1,300.00
Adjusted Wages Payable	780.00
Less: Wages Payable	-
Wages Expense	780.00
Unadjusted Unearned Rental Revenue	2,000.00
Less: Adjusted Unearned Rental Revenue	1,800.00
Rental Revenue	200.00

Account	Debit $	Credit $
Accounts Receivable	200.00
Rental Revenue		200.00
Interest Receivable	400.00
Interest Revenue		400.00
Supplies Expense	300.00
Supplies		300.00
Insurance expense	1,700.00
Prepaid Insurance		1,700.00
Depreciation expense- Buildings	1,300.00
Accumulated Depreciation- Buildings		1,300.00
Wages Expense	780.00
Wages Payable		780.00
Unearned Rental Revenue	200.00
Rental Revenue		200.00

Calculation of Total Assets	Amount $
Current Assets
Cash	7,500.00
Accounts Receivable	6,100.00
Interest Receivable	400.00
Notes Receivable	4,100.00
Supplies	900.00
Prepaid Insurance	600.00
Total Current Assets	19,600.00
Fixed Assets
Building	66,900.00
Accumulated Deprecation- Building	(9,800.00)
Fixed Assets	57,100.00
Total Assets	76,700.00

Calculation of Total Liabilities	Amount $
Accounts Payable	6,900.00
Wages Payable	780.00
Unearned Revenue	1,800.00
Total Liabilities	9,480.00

Calculation of Net Income
Income Statement	Amount $
Rental Revenue	17,300.00
Interest Revenue	1,200.00
Total Revenue	18,500.00
Less: expenses
Depreciation Expense	1,300.00
Supplies Expense	300.00
Utilities Expense	500.00
Wages Expense	1,880.00
Property Tax Expense	300.00
Insurance Expense	1,700.00
Total Expenses	5,980.00
Net Income	12,520.00

Statement of Retained Earnings	Amount $
Retained Earnings- Opening Balance	43,800.00
Add: Net Income	12,520.00
Less: Dividends	4,100.00
Retained Earnings- Closing Balance	52,220.00
Calculation of Equity
Stockholder's Equity
Common Stock	15,000.00
Retained Earnings- Closing Balance	52,220.00
Stockholder's Equity	67,220.00