ACCT7018: Introductory Accounting – Accounting and Finance Assignment Help
\n2\u20133 minutes
\nAssignment Task<\/p>\n
In the first column of the attachment is the condensed financial statements for Kelvin Motor vehicle Rentals before adjusting entries were made. The following items were not reflected in the statements:<\/p>\n
Rental revenue earned but not collected or recorded $1200.
\nDepreciation on vehicles not recorded, $14 500.
\nWages earned by employees but not paid at year-end, $5600.
\nThe company requires the first-day rental in advance as a deposit for making a reservation. The deposit is either deducted from the total rental charges or is forfeited. During the last week of June, deposits earned were not recorded as revenue, $900.<\/p>\n
Required<\/p>\n
(a) Prepare the necessary adjusting entries in general journal form (narrations are required).<\/p>\n
(b) Determine the effects of the adjustments on the financial statements by completing the schedule presented in the attachment<\/p>\n
(a) General Journal Form Adjusting Entries:<\/p>\n
Date\tAccount Titles\tDebit\tCredit
\n31 December\tRent Receivable\t$1,200\tRental Revenue
\n31 December\tDepreciation Expense\t$14,500\tAccumulated Depreciation – Vehicles
\n31 December\tWages Expense\t$5,600\tWages Payable
\n30 June\tCash\t$900\tRent Revenue
\nNarrations:<\/p>\n
To record rental revenue earned but not collected or recorded on 31 December.
\nTo record depreciation on vehicles for the year ended 31 December.
\nTo record wages earned by employees but not paid at year-end on 31 December.
\nTo record rental deposits earned but not recorded as revenue for the last week of June.
\n(b) Effects of Adjustments on Financial Statements:<\/p>\n
Kelvin Motor Vehicle Rentals
\nAdjusted Income Statement
\nFor the Year Ended 31 December<\/p>\n
Revenue:
\nRental Revenue | $45,000 + $1,200 – $900 = $45,300
\nExpenses:
\nDepreciation Expense | $14,500
\nWages Expense | $5,600
\nNet Income | $25,200 – $14,500 – $5,600 = $5,100<\/p>\n
Kelvin Motor Vehicle Rentals
\nAdjusted Balance Sheet
\nAs of 31 December<\/p>\n
Assets |
\nCash | $24,000 – $900 = $23,100
\nRent Receivable | $1,200
\nVehicles | $200,000 – $14,500 = $185,500
\nTotal Assets | $209,800<\/p>\n
Liabilities and Equity |
\nWages Payable | $5,600
\nEquity |
\nRetained Earnings | $179,500 + $5,100 = $184,600
\nTotal Liabilities and Equity | $209,800<\/p>\n","protected":false},"excerpt":{"rendered":"
ACCT7018: Introductory Accounting – Accounting and Finance Assignment Help 2\u20133 minutes Assignment Task In the first column of the attachment is the condensed financial statements\u2026<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,3,20,2,12,11,7,17,5,14,4,16,8],"tags":[24,30,27,23,28,25,29,26,31,22],"class_list":["post-122","post","type-post","status-publish","format-standard","hentry","category-custom-essay","category-dissertation-ideas","category-phd-essay-writers","category-essay-topics","category-free-essays","category-help-with-class","category-i-need-help","category-i-need-help-writing-an-essay","category-research-paper-samples","category-term-paper","category-thesis-examples","category-thesis-writers","category-write-a-paper","tag-1-assignment-help-online-service-for-students-in-the-usa","tag-ai-plagiarism-free-essay-writing-tool","tag-australian-best-tutors","tag-can-someone-write-my-assignment-for-me","tag-do-my-essay-assignment","tag-help-me-write-my-dissertation","tag-help-with-writing-an-essay","tag-homework-for-you","tag-online-essay-writers","tag-write-my-assignment-help-for-college-students"],"_links":{"self":[{"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/posts\/122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/comments?post=122"}],"version-history":[{"count":0,"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/posts\/122\/revisions"}],"wp:attachment":[{"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/media?parent=122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/categories?post=122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/homeworkacetutors.com\/nursing\/wp-json\/wp\/v2\/tags?post=122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}