A B D E F G H J 1 2 Watkins Properties Inc owns apartments in Bloomington, IL. At December 31, 2019, the following unadjusted account balances were: 3 4 Cash 5 Rent Receivable 6 Prepaid Insurance 7 Land 8 Buildings 9 Accounts Payable $ 4,600 Notes Payable (long-term) $ 32,500 Common Stock $2,000,000 $1,500,000 $ 60,000 Retained Earnings, 12/31/2019 $ 71,712 $ 274,000 $ 4,560,000 $ Accumulated Depreciation (Buildings) Intangible Assets $1,224,988 $ 26,100 57,600 10 11 12 13 14 The following information needs to be accounted for in adjusting the entries BEFORE the information can be included on the balance sheet: a. $3,800 of apartment rent is unrecorded in the year end data above (rent receivables) and needs to be accounted for. b. A physical tally of supplies reveals that $1,400 are unused and on-hand (have not be recorded) at December 31 and need to be accounted for c. Further examination of the Prepaid Insurance reveals that $12,000 was accounted for in 2018 and was not applicable for this year. 15 d. Wages in the amount of $6,100 are unpaid as of December 31 and need to be accounted for. 16 e. 9% interest (interest payable) is unpaid and owed on half of the notes payable as of December 31 and needs to be accounted for. 17 1. Based on ALL the information above (account balances and additional a-e information), create a Balance Sheet for Watkins 18 Properties for December 31, 2019. Refer to the Formatting Instructions PowerPoint to review formatting protocols for financial statements. (16 pts). 19 20 21 22 23