Posted: March 12th, 2023

ACCT7018: Introductory Accounting

ACCT7018: Introductory Accounting - Accounting and Finance Assignment Help
2–3 minutes
Assignment Task

In the first column of the attachment is the condensed financial statements for Kelvin Motor vehicle Rentals before adjusting entries were made. The following items were not reflected in the statements:

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Rental revenue earned but not collected or recorded $1200.
Depreciation on vehicles not recorded, $14 500.
Wages earned by employees but not paid at year-end, $5600.
The company requires the first-day rental in advance as a deposit for making a reservation. The deposit is either deducted from the total rental charges or is forfeited. During the last week of June, deposits earned were not recorded as revenue, $900.

Required

(a) Prepare the necessary adjusting entries in general journal form (narrations are required).

(b) Determine the effects of the adjustments on the financial statements by completing the schedule presented in the attachment

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(a) General Journal Form Adjusting Entries:

Date Account Titles Debit Credit
31 December Rent Receivable $1,200 Rental Revenue
31 December Depreciation Expense $14,500 Accumulated Depreciation - Vehicles
31 December Wages Expense $5,600 Wages Payable
30 June Cash $900 Rent Revenue
Narrations:

To record rental revenue earned but not collected or recorded on 31 December.
To record depreciation on vehicles for the year ended 31 December.
To record wages earned by employees but not paid at year-end on 31 December.
To record rental deposits earned but not recorded as revenue for the last week of June.
(b) Effects of Adjustments on Financial Statements:

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Kelvin Motor Vehicle Rentals
Adjusted Income Statement
For the Year Ended 31 December

Revenue:
Rental Revenue | $45,000 + $1,200 - $900 = $45,300
Expenses:
Depreciation Expense | $14,500
Wages Expense | $5,600
Net Income | $25,200 - $14,500 - $5,600 = $5,100

Kelvin Motor Vehicle Rentals
Adjusted Balance Sheet
As of 31 December

Assets |
Cash | $24,000 - $900 = $23,100
Rent Receivable | $1,200
Vehicles | $200,000 - $14,500 = $185,500
Total Assets | $209,800

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Liabilities and Equity |
Wages Payable | $5,600
Equity |
Retained Earnings | $179,500 + $5,100 = $184,600
Total Liabilities and Equity | $209,800

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