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A partial tabular summary for Wildhorse Co. on July 31, 2022, includes the following accounts before adjustments have been prepared Assets Liabilities + Invest Notes
A partial tabular summary for Wildhorse Co. on July 31, 2022, includes the following accounts before adjustments have been prepared Assets Liabilities + Invest Notes Rec Bal 22,400 Stockholders' Equity Retained Earnings Rev. Exp. Div Acc. Depr. Bldgs. -156,800 Prepd. Rent 4,032 Com. Stock + + + Supplies + 26,880 + Bldgs. 280,000 Unearned Serv. Rev. 12,880 1. 2. An analysis of the company's accounts shows the following. The investment in the notes receivable earns interest at a rate of 6% per year. Supplies on hand at the end of the month totaled $20,832. The balance in Prepaid Rent represents 4 months of rent costs. Three months of rent remain unexpired at the end of July. Employees were owed $3.472 related to unpaid salaries and wages. Depreciation on buildings is $6,720 per year. During the month, the company satisfied obligations worth $5,264 related to the Unearned Service Revenue. Unpaid maintenance and repairs costs were $2,576 3. 4. 5. 6. 7. Prepare a tabular summary to record adjustments on July 31 assuming that adjustments are made monthly. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was reduced.) Assets Prepd. Rent Notes Rec Int. Rec + Supplies 26,880 Bal. 22.400 0 4,032 1 2. 3. 4 5. 6. 7
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