ACTIVITY 2The following is a partial listing of the unadjusted and adjusted trial balances for Sam Smith, theProperty Manager.Unadjusted Trial BalanceAdjusted Trial BalanceDebitCreditDebitCreditP 30,000.00P 13,800.00Prepaid InsuranceOffice Supplies12,600.005,400.00Interest Receivable2,100.00BuildingAccumulated Depreciation1,560,000.001,560,000.00P240,000.00P280,000.00Advances from tenants24,000.0016,000.00Rent PayableSalaries PayableInsurance ExpenseSupplies Expense40,000.0018,000.0016,200.007,200.00Depreciation Expense40,000.00Salaries Expense200,000.00218,000.00Rent Expense120,000.00160,000.002,100.008,000.00Interest RevenuesRent RevenuesRequired: From the information given, reconstruct the adjusting entries.

The journal entries are prepared to keep the record of day to day transactions of the business.

The following is a partial listing of the unadjusted and adjusted trial balances for Sam Smith, the Property Manager. Unadjusted Trial Balance Adjusted Trial Balance Credit Debit Credit Debit P 30,000.00 P 13,800.00 Prepaid Insurance Office Supplies 12,600.00 5,400.00 Interest Receivable 2,100.00 Building Accumulated Depreciation Advances from tenants 1,560,000.00 1,560,000.00 P240,000.00 P280,000.00 24,000.00 16,000.00 Rent Payable Salaries Payable Insurance Expense Supplies Expense Depreciation Expense Salaries Expense Rent Expense 40,000.00 18,000.00 16,200.00 7,200.00 40,000.00 200,000.00 120,000.00 218,000.00 160,000.00 Interest Revenues 2,100.00 Rent Revenues 8,000.00 Required: From the information given, reconstruct the adjusting entries.

The following is a partial listing of the unadjusted and adjusted trial balances for Sam Smith, the Property Manager. Unadjusted Trial Balance Adjusted Trial Balance Credit Debit Credit Debit P 30,000.00 P 13,800.00 Prepaid Insurance Office Supplies 12,600.00 5,400.00 Interest Receivable 2,100.00 Building Accumulated Depreciation Advances from tenants 1,560,000.00 1,560,000.00 P240,000.00 P280,000.00 24,000.00 16,000.00 Rent Payable Salaries Payable Insurance Expense Supplies Expense Depreciation Expense Salaries Expense Rent Expense 40,000.00 18,000.00 16,200.00 7,200.00 40,000.00 200,000.00 120,000.00 218,000.00 160,000.00 Interest Revenues 2,100.00 Rent Revenues 8,000.00 Required: From the information given, reconstruct the adjusting entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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