Homework Help is Here – Start Your Trial Now!
Business
Accounting
Marsteller Properties Inc. owns apartments that it rents to university students. At December 31, 2019, the following unadjusted account balances were available: Cash $ 4,600 32,500 4,700 60,000 274,000 4,560,000 Notes Payable (due in 2021) $2,000,000 1,500,000 39,200 660,000 73,200 58,700 84,300 3,400 90,000 Rent Receivable Common Stock Supplies Prepaid Insurance Retained Earnings, 12/31/2018 Rent Revenue Land Buildings Accumulated Depreciation (Buildings) Other Assets Repairs & Maintenance Expense Advertising Expense Wages Expense Utilities Expense Interest Expense 1,015,000 26,100 57,300 Accounts Payable

Marsteller Properties Inc. owns apartments that it rents to university students. At December 31, 2019, the following unadjusted account balances were available: Cash $ 4,600 32,500 4,700 60,000 274,000 4,560,000 Notes Payable (due in 2021) $2,000,000 1,500,000 39,200 660,000 73,200 58,700 84,300 3,400 90,000 Rent Receivable Common Stock Supplies Prepaid Insurance Retained Earnings, 12/31/2018 Rent Revenue Land Buildings Accumulated Depreciation (Buildings) Other Assets Repairs & Maintenance Expense Advertising Expense Wages Expense Utilities Expense Interest Expense 1,015,000 26,100 57,300 Accounts Payable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Marsteller Properties Inc. owns apartments that it rents to university students. At December 31,2019, the following unadjusted account balances were available:                                        The following information is available for adjusting entries:
a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilled
and unrecorded at year end.
b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2019.
c. Annual depreciation on the buildings is $204,250.
d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2019.
e. Six months’ interest at 9% is unrecorded and unpaid on the notes payable.                                                                                            f. Wages in the amount of $6,100 are unpaid and unrecorded at December 31.
g. Utilities costs of $300 are unrecorded and unpaid at December 31.
h. Income taxes of $5,738 are unrecorded and unpaid at December 31.
Required:
1. Prepare a worksheet for Marsteller Properties.
2. Prepare an income statement, a retained earnings statement, and a classified balance sheet
for Marsteller Properties.
3. Prepare the closing entries.
Marsteller Properties Inc. owns apartments that it rents to university students. At December 31, 2019, the following unadjusted account balances were available: Cash $ 4,600 32,500 4,700 60,000 274,000 4,560,000 Notes Payable (due in 2021) $2,000,000 1,500,000 39,200 660,000 73,200 58,700 84,300 3,400 90,000 Rent Receivable Common Stock Supplies Prepaid Insurance Retained Earnings, 12/31/2018 Rent Revenue Land Buildings Accumulated Depreciation (Buildings) Other Assets Repairs & Maintenance Expense Advertising Expense Wages Expense Utilities Expense Interest Expense 1,015,000 26,100 57,300 Accounts Payable
Transcribed Image Text:Marsteller Properties Inc. owns apartments that it rents to university students. At December 31, 2019, the following unadjusted account balances were available: Cash $ 4,600 32,500 4,700 60,000 274,000 4,560,000 Notes Payable (due in 2021) $2,000,000 1,500,000 39,200 660,000 73,200 58,700 84,300 3,400 90,000 Rent Receivable Common Stock Supplies Prepaid Insurance Retained Earnings, 12/31/2018 Rent Revenue Land Buildings Accumulated Depreciation (Buildings) Other Assets Repairs & Maintenance Expense Advertising Expense Wages Expense Utilities Expense Interest Expense 1,015,000 26,100 57,300 Accounts Payable
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS