Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

LO 3 P3-69B. (Learning Objective 3: Adjust the accounts) Crossway Rental Company unadjusted and adjusted trial balances at June 30, 2018, follow: Crossway Rental Company

image text in transcribed
LO 3 P3-69B. (Learning Objective 3: Adjust the accounts) Crossway Rental Company unadjusted and adjusted trial balances at June 30, 2018, follow: Crossway Rental Company Trial Balance Worksheet June 30, 2018 Trial Balance Adjusted Trial Balance Debit Credit Debit Credit $ 8,400 $ 8.400 6,100 6,850 1,000 4,800 4,800 1,800 200 3,000 2,000 66,600 66,600 $ 7,300 $ 8,700 7,000 7,000 780 3 Account 4 Cash 5 Accounts receivable 6. Interest receivable 7 Note receivable 8 Supplies 9 Prepaid insurance 10 Building 11 Accumulated depreciation-building 12 Accounts payable 13 Wages payable 14 Unearned rental revenue 15 Common stock 16 Retained earnings 17 Dividends 18 Rental revenue 19 Interest revenue 20 Depreciation expense-building 21 Supplies expense 22 Utilities expense 23 Wage expense 24 Property tax expense 25 Insurance expense 26 Total 1,600 16,000 41,600 1300 16,000 41,600 3,000 3,000 20,600 1,100 21,650 2,100 100 1,200 200 1,400 1,600 100 1,980 200 1,000 $ 99,130 $ 95,200 $ 95,200 $ 99,130 Requirements 1. Make the adjusting entries that account for the differences between the two trial balance 2. Calculate Crossway's total assets, total liabilities, net income, and total equity

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

Cost Benefit Analysis Theory And Application

Authors: Tevfik F. Nas

1st Edition

080397132X, 978-0803971325

More Books

Students also viewed these Accounting questions

Question

Briefly describe Hartleys contributions to associationism.

Answered: 1 week ago