Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corps preliminary income statement for August 2019 and its August 31, 2019, preliminary balance sheet did not reflect the following: a. Rental commissions of $570 had been earned in August but had not yet been received from or billed to building owners. b. When supplies are purchased, their cost is recorded as an asset As supplies are used a record of those used is kept the record sheet shows that $430 of supplies were used in August c. Interest on the note payable is to be paid on May 31 and November 30. Interest for August has not been accrued--that is, it has not yet been recorded. (The Interest Payable of $100 on the balance sheet is the amount of the accrued liability at July 31) The interest rate on this note is 10% d. Wages of $330 for the last week of August have not been recorded. e. The Rent Expense of $1,230 represents rent for August, September, and October, which was paid early in August t. Interest of $350 has been eared on notes receivable but has not yet been received 9. Late in August, the board of directors met and declared a cash dividend of $3,500, payable September 10. Once declared the dividend is a liability of the corporation until it is pald. Required: a. Using the columns provided on the income statement and balance sheet for Big Blue Rental Corp, make the appropriate adjustments/corrections to the statements, and enter the correct amount in the Final column. (Hint Use the five questions of transaction analysis.) Required: a. Using the columns provided on the income statement and balance sheet for Big Blue Rental Corp., make the appropriate adjustments/corrections to the statements, and enter the correct amount in the Final column. (Hint. Use the five questions of transaction analysis.) Final Commissions revenue Interest revenue Total revenues Rent expense Wages expense Supplies expense Interest expense Total expenses Not income BIG BLUE RENTAL CORP Income Statement August 2019 Adjustments / Corrections Preliminary Debit Credit $ 9,700 $ 570 $ 2.400 350 $ 12,100 $ 0 $ 920 $ $ 1,230 $+ 410 $ 2,450 330 430 9,130 2.000 11.130 1,640 2,780 430 50 760 S $ $ 3,680 $ 8,420 460 $ $ 50 4,900 6,230 August 31, 2019 Adjustments / Corrections Preliminary Debit Credit Final $ 1,150 29,500 1,150 29,500 620 350 620 350 820 2,000 32,650 $ 820 1,570 34,010 430 430 $ 1,790 $ $ $ $ 550 Assets Cash Notes receivable Commissions receivable Interest receivable Prepaid rent Supplies Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable Interest payable Wages payable Dividends payable Total liabilities Paid-in capital Retained earnings Balance, August 1 Net income Dividends Balance, August 31 Total stockholders' equity Total liabilities and stockholders' equity 550 6,000 100 6,000 100 330 330 3,500 $ $ 3,500 $ 330 $ 6,650 $ 6,000 3,500 10,480 6,000 $ $ $ 11,580 8,420 11,580 8,420 0 $ $ $ $ 20,000 $ 26,000 $ 32,650 $ 0 $ 0 $ 3,500 $ 0 $ 330$ 20,000 26,000 36,480