Sundance Apartments Inc.'s unadjusted and adjusted trial balance at April 30, 2014, follow: Requirements 1. Make the
Question:
Requirements
1. Make the adjusting entries that account for the differences between the two trial balances.
2. Compute Sundance Apartments Inc.'s total assets, total liabilities, total equity, and net income. Prove your answer with the accounting equation.
Sundance Apartments Inc. Adjusted Trial Balance April 30, 2014 Adjusted Trial Balance Trial Balance Debit Account Title Credit Debit $ 8,300 6,800 Credit $ 8,300 Interest receivable Note receivable Supplie Prepaid insurance Building. Accumulated depreciation Accounts payable 6,300 4,100 2,400 4,100 200 700 66,400 66,400 16,000 6,900 $18,200 6,900 ges payable Unearned rental revenue Share capital Retained earnings Dividends Rental revenue Interest revenue Wages expense Insurance expense 18,000 42,700 100 18,000 42,700 3,600 3,600 9,900 10,900 1,600 2,000 1,700 2,200 Property tax expense Supplies expense Utilities expense 700 200 200 $94,100 $94,100 97,500 $97,500
Step by Step Answer:
Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2014 April 30 Accounts Receivable 680...View the full answer
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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