Practice Exercise 2 A partial tabular summary for Cullumber Company on July 31, 2017, includes the accounts below before adjustments have been prepared. = Liabilities + Stockholders' Equity Assets Reatined Earnings Invest Notes Rec. Supplies Prepd. Unearned Acc. Depr.- Bldgs Com Bldgs. = Serv. Rev. +Stock Rev. – Exp. – Div Rent Bal 12,000 20,000 2,400 200,000 -120,000 10,000 An analysis of the company's accounts shows the following. The investment in the notes receivable earns interest at a rate of 6% per year 1. Supplies on hand at the end of the month totaled $15,000 2. The balance in Prepaid Rent represents 4 months of rent costs. 3. Employees were owed $2,700 related to unpaid salaries and wages. 4. Depreciation on buildings is $3,600 per year 5. During the month, the company satisfied obligations worth $4,500 related to the Unearned Service Revenue. 6. Unpaid maintenance and repairs costs were $2,000. 7. Prepare a tabular summary to record adjustments on July 31 assuming that adjustments are made monthly. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Liabilities Assets Retained Earnings Invest Prepd. Acc. Depr. Bldgs Unearned Com Stock Serv. Rev Sal. & Wages Pay. Int. Rec Supplies Exp. Bldgs. Div Notes Rec. Rent Accts. Pay Rev. 20,000 Bal. 12,000 200,000 -120,000 0 2,400 10,000 1. 2. 3. 4. 5. 6. 7. Clickk if vou wOuld iko to chow Workk for thic auoction: onon chor Worlk
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