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
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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| 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 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. |
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
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