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Prepare necessary adjusting entries in general journal form

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Reference no: EM132927878

Problem - In the first column of the schedule presented below are the condensed financial statements for Melvin Motor vehicle Rentals before adjusting entries were made. The following items were not

1. Rental revenue earned but not collected or recorded, $1500.

2. Depreciation on vehicles not recorded, $14 500.

3. Wages earned by employees but not paid at year-end, $5600.

4. 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, $990.

Required - Prepare the necessary adjusting entries in general journal form.

Reference no: EM132927878

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