Question: Question 2 (Exercise 4.15, Hoggett 9ed.; Chapter 4) In the first column of the schedule presented below are the condensed financial statements for Melvin Motor

Question 2 (Exercise 4.15, Hoggett 9ed.; Chapter 4) In the first

Question 2 (Exercise 4.15, Hoggett 9ed.; Chapter 4) In the first column of the schedule presented below are the condensed financial statements for Melvin Motor Vehicle Rentals before adjusting entries were made. The following items were not reflected in the statements: 1. Rental revenue earned but not collected or recorded, $1500. 2. Depreciation on vehicles not recorded, $14 500. 3. Wages earned by employees but not paid at yearend. $5600. 4. The company requires the first-day rental in advance as a deposit for making a reservation. The deposit is either deducted from the total rental charges or is forfeited. During the last week of June. deposits earned were not recorded as revenue. $990. MELVIN MOTORVEHICLE RENTALS Page | 1

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