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Exercise 4-12 4 partial tabular summary for Wildhorse Co. on July 31, 2017, indudes the accounts below before adjustments have been prepared. Assets -LiabilitiesStockholders Equity
Exercise 4-12 4 partial tabular summary for Wildhorse Co. on July 31, 2017, indudes the accounts below before adjustments have been prepared. Assets -LiabilitiesStockholders Equity Reatined Earnings Notes Rec. +Supplies Rent Bldgs. - Bldgs. Serv. Rev. +Stock Rev. Exp. - Div Invest. Prepd. Acc. Depr. Unearned Com Bal 18,000 22,000 5,600 250, ,000 120,000 10,200 An analysis of the company's accounts shows the following 1. The investment in the notes receivable earns interest at a rate of 12% per year 2. Supplies on hand at the end of the month totaled $15,400. 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $3,500 related to unpaid salaries and wages. 5. Depreciation on buildings is $4,560 per year. 6. During the month, the company satisfied obligations worth $4,800 related to the Unearned Service Revenue. 7. Unpaid maintenance and repairs costs were $2,250 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 sigrn front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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