Required: need adjusting entries On December 31, 2022. Sandhill Co. prepared an income statement and balance...

  

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Required: need adjusting entries On December 31, 2022. Sandhill Co. prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $138,000, total liabilities $64,400. and stockholciers equity $73,600. The incorrect income statement showed net income of $64.400. The data for the three adjusting entries were: 1. 2. 3. Salaries and wages amounting to $9.200 for the last 2 days in December were not paid and not recorded. The next payroll will be in January Item Rent payments of $7,360 was received for 2 months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid. Depreciation expense for 2022 is $8.280. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses) Incorrect balances Effects of: Salaries and Wages Rent Revenue Depreciation Correct balances eTextbook and Media Net Income $ $64.400 Total Assets $138.000 Total Liabilities $64,400 Stockhol $ Required: need adjusting entries On December 31, 2022. Sandhill Co. prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $138,000, total liabilities $64,400. and stockholciers equity $73,600. The incorrect income statement showed net income of $64.400. The data for the three adjusting entries were: 1. 2. 3. Salaries and wages amounting to $9.200 for the last 2 days in December were not paid and not recorded. The next payroll will be in January Item Rent payments of $7,360 was received for 2 months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid. Depreciation expense for 2022 is $8.280. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses) Incorrect balances Effects of: Salaries and Wages Rent Revenue Depreciation Correct balances eTextbook and Media Net Income $ $64.400 Total Assets $138.000 Total Liabilities $64,400 Stockhol $

Answer rating: 100% (QA)

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