Reference no: EM133127423
Question - Presented below is a list of accounts of the Triangle Company in alphabetical order, as of December 31, 2021. The books are closed annually on December 31.
Accounts Receivable € 18,000
Accumulated Depreciation - Buildings 60,000
Accumulated Depreciation - Equipment 31,500
Buildings 225,000
Cash 8,700
Equipment 105,000
Land 430,000
Long-term Loan Liability 300,000
Maintenance and Repairs Expense 22,950
Prepaid Insurance 10,800
Rent Revenue 115,500
Retained Earnings 83,700
Salaries and Wages Expense 36,300
Share Capital 280,000
Unearned Revenue 10,500
Utilities Expense 24,450
Required - a) Taking into account the information above and the information given below, prepare annual adjusting entries (Omit explanations.)
1. Prepaid Insurance represents amount prepaid for period August 1, 2021-July 31, 2022.
2. It is estimated that 5% of the accounts receivable will be uncollectible.
3. The equipment is depreciated at 10% per year.
4. The buildings have an estimated life of 30 years with no residual value (straight-line method).
5. Loan payments due in 2022 are in the amount of €30,000. Interest rate for the loan is 5% per annum.
6. Salaries and wages earned but not paid by December 31, 2021 are €3,300.
7. The rent revenue represents the amount received for 11 months for renting out the conference hall. The December rent revenue received is recorded on account Unearned Revenue.
Post to general ledger T-accounts.
b) Prepare an adjusted trial balance.
c) Prepare a classified statement of financial position as at December 31, 2021 and a statement of profit or loss (income statement) for year ending December 31, 2021.
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