This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
a. & d.
D
e
bit
C
re
dit
B
a
l
ance
D
e
bit
C
re
dit
B
a
l
ance
D
e
bit
C
re
dit
B
a
l
ance
D
e
bit
C
re
dit
B
a
l
ance
Date
Date
Explanation Office Supplies Expense
Explanation
Date Explanation
Rent Expense
Date
Explanation
COMPREHENSIVE PROBLEM 1
SUSQUEHANNA EQUIPMENT RENTALS
Maintenance Expense
Utilities Expense
(
cont
i
nue
d)
a. & d.
D
e
bit
C
re
dit
B
a
l
ance
D
e
bit
C
re
dit
B
a
l
ance
COMPREHENSIVE PROBLEM 1
SUSQUEHANNA EQUIPMENT RENTALS
Depreciation Expense
(
cont
i
nue
d)
Interest Expense
Date
Explanation
Date Explanation
SUSQUEHANNA EQUIPMENT RENTALS
Worksheet
December 31, 2015
a.
Debit Credit Debit Credit Debit Credit Debit Credit
Accounts payable 1,700 1,700 1,700
Unearned rental
f
ees 8,000 (e) 3,700 4,300 4,300
Accum. Dep.: rental equip. (c) 2,500 2,500 2,500
S
alaries payable (g) 1,400 1,400 1,400
Income taxes payable (h) 9,080 9,080 9,080
Income statement accounts:
Rental
f
ees earned 38,000 (e) 3,700 43,200 43,200
$
R
en
t
expense (a) 4
,
000 4,000 4
,
000
I
n
t
eres
t
expense (b) 500 500 500
D
eprec
i
a
ti
on expense (c) 2
,
500 2,500 2
,
500
* Adjustments
(a) December rent expense ($12,000 ÷ 3). (e) Portion of unearned revenue earned in December.
Debit Credit
Trial Balance
RENTALS (continued)
COMPREHENSIVE PROBLEM 1
Adjustments* Adjusted Trial Balance Income Statement Balance Sheet
SUSQUEHANNA EQUIPMENT
b.
Rental fees earned 43,200$
Income Statement
COMPREHENSIVE PROBLEM 1
SUSQUEHANNA EQUIPMENT RENTALS
(continued)
SUSQUEHANNA EQUIPMENT RENTALS
Revenue:
For the Year Ended December 31, 2015
Expenses
b.
65,000$
Assets
COMPREHENSIVE PROBLEM 1
SUSQUEHANNA EQUIPMENT RENTALS
SUSQUEHANNA EQUIPMENT RENTALS
Balance Sheet
December 31, 2015
(continued)
Cash
Dec 31 43
,
200
Income Summar
y
43
,
200
COMPREHENSIVE PROBLEM 1
SUSQUEHANNA EQUIPMENT RENTALS
(
cont
i
nue
d)
d.
2015
To close the revenue account.
(Closing Entries)
Rent Fees Earned
General Journal
f.
It does not appear that the company faces any immediate solvency problems. It did start with
$200,000 cash, but in its first transaction the company spent $140,000 on equipment, leaving
COMPREHENSIVE PROBLEM 1
SUSQUEHANNA EQUIPMENT RENTALS
(concluded)
Trusted by Thousands of
Students
Here are what students say about us.
Resources
Company
Copyright ©2022 All rights reserved. | CoursePaper is not sponsored or endorsed by any college or university.