Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lemontree Rental Company's unadjusted and adjusted trial balances at June 30, 2018, follow. EEB (Click the icon to view the unadjusted and adjusted trial balances.)

image text in transcribed

Lemontree Rental Company's unadjusted and adjusted trial balances at June 30, 2018, follow. EEB (Click the icon to view the unadjusted and adjusted trial balances.) Read the requirements. Lemontree Rental Company Trial Balance Workshect June 30, 2018 Journal Entry Date Debit Credit Trial Balance Adjusted Trial Balance 30 Account Debit Credit Debit Credit Cash Accounts receivable Interest receivable Note receivable 8,700 6,300 $ 8,700 6,820 500 4,500 1,000 1,000 63,000 The seventh difference occurs in the Unearned Rental Revenue account. Record the adjustment 4,500 1,900 2,600 63,000 Journal Entry Prepaid insurance Building Accumulated depreciation-building Accounts payable Wages payable Unearned rental revenue Common stock Retained earnings Dividends Date Debit 30 $9,100 $7,400 6,700 6,700 2,000 15,000 41,400 1,700 15,000 41,400 Requirement 2. Compute Lemontree's total assets, total liabilities, net income, and total equity. Total Assets Total Liabilities Net Income Total Equity 3,800 3,800 PrintDone Choose from any list or enter any number in the input fields and then continue to the next Lemontree Rental Company's unadjusted and adjusted trial balances at June 30, 2018, follow. EEB (Click the icon to view the unadjusted and adjusted trial balances.) Read the requirements. Lemontree Rental Company Trial Balance Workshect June 30, 2018 Journal Entry Date Debit Credit Trial Balance Adjusted Trial Balance 30 Account Debit Credit Debit Credit Cash Accounts receivable Interest receivable Note receivable 8,700 6,300 $ 8,700 6,820 500 4,500 1,000 1,000 63,000 The seventh difference occurs in the Unearned Rental Revenue account. Record the adjustment 4,500 1,900 2,600 63,000 Journal Entry Prepaid insurance Building Accumulated depreciation-building Accounts payable Wages payable Unearned rental revenue Common stock Retained earnings Dividends Date Debit 30 $9,100 $7,400 6,700 6,700 2,000 15,000 41,400 1,700 15,000 41,400 Requirement 2. Compute Lemontree's total assets, total liabilities, net income, and total equity. Total Assets Total Liabilities Net Income Total Equity 3,800 3,800 PrintDone Choose from any list or enter any number in the input fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Technology Auditing An Evolving Agenda

Authors: Jagdish Pathak

1st Edition

3642060579, 978-3642060571

More Books

Students also viewed these Accounting questions