Peppertree Apartments, Inc.’s, unadjusted and adjusted trial balances at April 30, 20X1, is given on… 1 answer below »
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(Learning Objective 3: Analyzing and recording adjustments) Peppertree Apartments, Inc.’s, unadjusted and adjusted trial balances at April 30, 20X1, is given on the next page.
Peppertree Apartments, Inc. Adjusted Trial Balance April 30, 20X1
Trial Balance
Adjusted Trial Balance
Account Title
Debit
Credit
Debit
Credit
Cash
8,300
8,300
Accounts receivable
6,300
6,800
Interest receivable
300
Note receivable
4,100
4,100
Supplies
900
200
Prepaid insurance
2,400
700
Building
66,400
66,400
Accumulated depreciation
16,000
18,200
Accounts payable
6,900
6,900
Wages payable
400
Unearned rental revenue
600
100
Common stock
18,000
18,000
Retained earnings
42,700
42,700
Dividends
3,600
3,600
Rental revenue
9,900
10,900
Interest revenue
300
Wage expense
1,600
2,000
Insurance expense
1,700
Depreciation expense
2,200
Property tax expense
300
300
Supplies expense
700
Utilities expense
200
200
94,100
94,100
97,500
97,500
Required
1. Make the adjusting entries that account for the differences between the two trial balances.
2. Compute Peppertree’s total assets, total liabilities, total equity, and net income.