1. Provide the following requirements:
2. Adjusting entries
3. Income statement
4. Balance sheet
5. Statement of changes in equity
6. Closing entries

Transcribed Image Text:

The following is the unadjusted trail balance of Summa Cum Laude Company as the end of its second year of operations (December 31, 2019). The company operates the largest chain of dormitories in Metro Manila, and its main target market is college students. Account Name Cash Rent Receivables Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable Unearned Rent Revenue Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawing Administrative Expenses Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Rent Revenue Gain on Disposal of Equipment Debit 4 826 000.00 | 54 000.00 10 000.00 60 000.00 30 000 000.00 3 100 000.00 5 000 000.00 300 000.00 200 000.00 40 000.00 80 000.00 800 000.00 350 000.00 550 000.00 60 000.00 45 430 000.00 Credit 2 000 000.00 100 000.00 20 000.00 2 000 000.00 100 000.00 60 000.00 50 000.00 100 000.00 6 500 000.00 9 000 000.00 25 000 000.00 500 000.00 45 430 000.00 The following additional information was gathered: 1. Rent receivable represents rent accrued for the month of November. The same amount should also be accrued for the month of December. 2. Only 3 000 of the office supplies remain at year-end. 3. Prepaid insurance represents payment made for fire insurance for the 12-month period starting September 1 of the current year. 4. Accumulated depreciation amounts represent the depreciation expenses recorded in the prior year. 5. The unearned rent revenue covers rent for November and December of the current year. The following is the unadjusted trail balance of Summa Cum Laude Company as the end of its second year of operations (December 31, 2019). The company operates the largest chain of dormitories in Metro Manila, and its main target market is college students. Account Name Cash Rent Receivables Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable Unearned Rent Revenue Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawing Administrative Expenses Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Rent Revenue Gain on Disposal of Equipment Debit 4 826 000.00 | 54 000.00 10 000.00 60 000.00 30 000 000.00 3 100 000.00 5 000 000.00 300 000.00 200 000.00 40 000.00 80 000.00 800 000.00 350 000.00 550 000.00 60 000.00 45 430 000.00 Credit 2 000 000.00 100 000.00 20 000.00 2 000 000.00 100 000.00 60 000.00 50 000.00 100 000.00 6 500 000.00 9 000 000.00 25 000 000.00 500 000.00 45 430 000.00 The following additional information was gathered: 1. Rent receivable represents rent accrued for the month of November. The same amount should also be accrued for the month of December. 2. Only 3 000 of the office supplies remain at year-end. 3. Prepaid insurance represents payment made for fire insurance for the 12-month period starting September 1 of the current year. 4. Accumulated depreciation amounts represent the depreciation expenses recorded in the prior year. 5. The unearned rent revenue covers rent for November and December of the current year.

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