Peppertree Apartments, Inc.’s, unadjusted and adjusted trial balances at April 30, 20X1, is given on… 1 answer below »

(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.

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