1. Jennifer Chan Jesse Lee Nick Rosas
Group 8
Jennifer Chan
Jesse Lee
Nick Rosas

2. P4-6 Computing Amounts on Financial Statements and Finding Financial Information
The following information was provided by the records of Collegetown Apartments (a corporation) at the end of the annual fiscal period, December 31, 2007:

3. Rent Revenue
Rent revenue collected in cash during 2007 for occupancy in 2007.
Rent revenue earned for occupancy in December 2007; not collected until 2008.

4. Salary Expense Salaries incurred and paid during 2007.
Salaries earned by employees during December 2007 that will be paid in January 2008.

5. Maintenance supplies expense
h Maintenance supplies on January 1, 2007 (balance on hand)
Maintenance supplies purchased for cash during 2007.
j Maintenance supplies counted on December 31, 2007.
They gave u a beginning balance of 3000 and ending inventory of 1700
The amount purchased was 8000
So in order to have an ending balance of 1700
You need to have used 9300 amount of supplies, which goes to your maintenance supplies expense account
Because you gave the cash in advance but they owe u money even tough they still will earn it later
And you debit Maintenance Supplies expense
From Maintenance Supplies you got a beginning balance of 3000 from the h part of the problem
Maintenance Supplies is an Asset account therefore a Debit account
= 1700
that 9300 is also your expense
because you used it to make whatever
and thus must be debit to your maintenance supplies expense
since it’s a credit from the asset account
everything must balance out

6. Rent receivable
b. Rent revenue earned for occupancy in December 2007; not collected until 2008.

7. Receivables from employees
g. Cash advances to employees in December 2007 for salaries that will be earned in January 2008.

8. Maintenance supplies
h Maintenance supplies on January 1, 2007 (balance on hand)
Maintenance supplies purchased for cash during 2007.
j Maintenance supplies counted on December 31, 2007.

9. Unearned rent revenue
c. In December 2007, collected rent revenue in advance for January 2008.

10. Salaries payable
f. Salaries earned by employees during December 2007 that will be paid in January 2008.

11. Jennifer Chan Jesse Lee Nick Rosas
Presented by: Group 8
Jennifer Chan
Jesse Lee
Nick Rosas