Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881



Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem

Problem 3-71 A Preparing a Worksheet (Appendix 3A)

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:

  1. An analysis of apartment rental contracts indicates that S3,800 of apartment rent is unbilled and unrecorded at year end.
  2. A physical count Of supplies reveals that $1,400 of supplies are on hand at December 31 , 2019.
  3. Annual depreciation on the buildings is $204,250.
  4. An examination of insurance policies indicates that $12,000 Of the prepaid insurance applies to coverage for 2019.
  5. Six months' interest at 9% is unrecorded and unpaid on the notes payable.


To determine

To prepare: Worksheet of the company A.

Introduction:.Worksheet is a statement that represents the unadjusted balances of ledgers, adjustment entries and the balances after such adjustments. Adjusted balances are the final balances that are presented in the financial statements of a company.


Preparation of worksheet for the period ending 31st December, 2019:

    Account TitleUnadjustedTrial balanceAdjustmentsAdjustedTrial balance
    Rent receivable32,5003,80036,300
    Prepaid insurance60,00012,00048,000
    Accumulated depriciation-building1,015,000204,2501,219,250
    Other assets26,10026,100
    Accounts payable57,30057,300
    Interest payable90,00090,000
    Notes payable


To determine

To prepare: Income statement, statement of retained earnings and balance sheet.

Introduction: Income statement, statement of retained earnings and balance sheet are financial statements. These statements are prepared for reporting purposes.


To determine

To record: closing journal entries.

Introduction: Closing entries are posted to close all the temporary accounts of the accounting books. Closing entries zeros the balances of income statement items, drawings, and dividends.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Engineering Solutions

Find more solutions based on key concepts

Show solutions add

What is inflation and what causes it?

Principles of Microeconomics (MindTap Course List)

Name the device used to track the timing of half-nut lever engagement.

Precision Machining Technology (MindTap Course List)

What is an information system? What is the role of feedback in a system?

Principles of Information Systems (MindTap Course List)

Explain how vacuum is used to provide a power assist.

Automotive Technology: A Systems Approach (MindTap Course List)

Give three examples of a materials mechanical properties.

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)