Business, 06.05.2020 06:14, LilFreaky666

1. Rent revenues include advanced rentals for summer occupancy $16,000.
2. There were $1,700 of supplies on hand at March 31.
3. Prepaid insurance resulted from the payment of a one-year policy on January 1, 2020.
4. The mail on April 1, 2020, brought the following bills: advertising for week of March 24, $120; repairs made March 10, $260; and utilities, $190.
5. Salaries and wages expense total $270 per day. At March 31, 2 days' salaries and wages have been incurred but not paid.
6. The note payable is a 3-month, 10% note dated January 1, 2020.

a. Prepare any adjusting journal entries required at June 30, 2017.
b. Prepare a correct income statement for the quarter ended June 30, 2017.
c. Explain to Betty the generally accepted accounting principles that she did not recognize in preparing her income statement and their effect on her results

Answers: 1

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1. Rent revenues include advanced rentals for summer occupancy $16,000.
2. There were $1,700...