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PROBLEM 1: The following is the unadjusted trail balance of Summa Cum Laude Company as the end of its second year of operations (December 31, 2019). The company operates the largest chain of dormitories in Metro Manila, and its main target market is college students. Account Name Debit Credit Cash Rent Receivables 4 826 000.00 54 000.00 Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Computers Building Furniture and Fixtures 10 000.00 60 000.00 2 000 000.00 100 000.00 20 000.00 30 000 000.00 3 100 000.00 5 000 000.00 Land 300 000.00 Computers Accounts Payable Unearned Rent Revenue 2 000 000.00 100 000.00 Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawing Administrative Expenses |Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense 60 000.00 50 000.00 100 000.00 6 500 000.00 9 000 000.00 200 000.00 40 000.00 80 000.00 800 000.00 350 000.00 550 000.00 60 000.00 25 000 000.00 500 000.00 45 430 000.00 Rent Revenue Gain on Disposal of Equipment 45 430 000.00 The following additional information was gathered: 1. Rent receivable represents rent accrued for the month of November. The same amount should also be accrued for the month of December. 2. Only 3 000 of the office supplies remain at year-end. 3. Prepaid insurance represents payment made for fire insurance for the 12-month period starting September 1 of the current year. 4. Accumulated depreciation amounts represent the depreciation expenses recorded in the prior year. 5. The unearned rent revenue covers rent for November and December of the current year. ...

PROBLEM 1: The following is the unadjusted trail balance of Summa Cum Laude Company as the end of its second year of operations (December 31, 2019). The company operates the largest chain of dormitories in Metro Manila, and its main target market is college students. Account Name Debit Credit Cash Rent Receivables 4 826 000.00 54 000.00 Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Computers Building Furniture and Fixtures 10 000.00 60 000.00 2 000 000.00 100 000.00 20 000.00 30 000 000.00 3 100 000.00 5 000 000.00 Land 300 000.00 Computers Accounts Payable Unearned Rent Revenue 2 000 000.00 100 000.00 Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawing Administrative Expenses |Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense 60 000.00 50 000.00 100 000.00 6 500 000.00 9 000 000.00 200 000.00 40 000.00 80 000.00 800 000.00 350 000.00 550 000.00 60 000.00 25 000 000.00 500 000.00 45 430 000.00 Rent Revenue Gain on Disposal of Equipment 45 430 000.00 The following additional information was gathered: 1. Rent receivable represents rent accrued for the month of November. The same amount should also be accrued for the month of December. 2. Only 3 000 of the office supplies remain at year-end. 3. Prepaid insurance represents payment made for fire insurance for the 12-month period starting September 1 of the current year. 4. Accumulated depreciation amounts represent the depreciation expenses recorded in the prior year. 5. The unearned rent revenue covers rent for November and December of the current year. ...

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Help me to answer the adjustments only. And kindly provide solutions please. Thank you

PROBLEM 1: The following is the unadjusted trail balance of Summa Cum Laude Company as the end of its second year of operations (December 31, 2019). The company operates the largest chain of dormitories in Metro Manila, and its main target market is college students. Account Name Debit 4 826 000.00 Credit Cash Rent Receivables 54 000.00 Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation – Furniture and Fixtures Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable 10 000.00 60 000.00 2 000 000.00 100 000.00 20 000.00 30 000 000.00 3 100 000.00 5 000 000.00 300 000.00 2 000 000.00 Unearned Rent Revenue 100 000.00 Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawing Administrative Expenses | Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Rent Revenue 60 000.00 50 000.00 100 000.00 6 500 000.00 9 000 000.00 200 000.00 40 000.00 80 000.00 800 000.00 350 000.00 550 000.00 60 000.00 25 000 000.00 500 000.00 Gain on Disposal of Equipment 45 430 000.00 45 430 000.00 The following additional information was gathered: 1. Rent receivable represents rent accrued for the month of November. The same amount should also be accrued for the month of December. 2. Only 3 000 of the office supplies remain at year-end. 3. Prepaid insurance represents payment made for fire insurance for the 12-month period starting September 1 of the current year. 4. Accumulated depreciation amounts represent the depreciation expenses recorded in the prior year. 5. The unearned rent revenue covers rent for November and December of the current year.
Transcribed Image Text:PROBLEM 1: The following is the unadjusted trail balance of Summa Cum Laude Company as the end of its second year of operations (December 31, 2019). The company operates the largest chain of dormitories in Metro Manila, and its main target market is college students. Account Name Debit 4 826 000.00 Credit Cash Rent Receivables 54 000.00 Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation – Furniture and Fixtures Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable 10 000.00 60 000.00 2 000 000.00 100 000.00 20 000.00 30 000 000.00 3 100 000.00 5 000 000.00 300 000.00 2 000 000.00 Unearned Rent Revenue 100 000.00 Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawing Administrative Expenses | Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Rent Revenue 60 000.00 50 000.00 100 000.00 6 500 000.00 9 000 000.00 200 000.00 40 000.00 80 000.00 800 000.00 350 000.00 550 000.00 60 000.00 25 000 000.00 500 000.00 Gain on Disposal of Equipment 45 430 000.00 45 430 000.00 The following additional information was gathered: 1. Rent receivable represents rent accrued for the month of November. The same amount should also be accrued for the month of December. 2. Only 3 000 of the office supplies remain at year-end. 3. Prepaid insurance represents payment made for fire insurance for the 12-month period starting September 1 of the current year. 4. Accumulated depreciation amounts represent the depreciation expenses recorded in the prior year. 5. The unearned rent revenue covers rent for November and December of the current year.
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