ACCT7018: Introductory Accounting - Accounting and Finance Assignment Help

Assignment Task

In the first column of the attachment is the condensed financial statements for Kelvin Motor vehicle Rentals before adjusting entries were made. The following items were not reflected in the statements:

1. Rental revenue earned but not collected or recorded $1200.
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, $900.

Required

(a) Prepare the necessary adjusting entries in general journal form (narrations are required).

(b) Determine the effects of the adjustments on the financial statements by completing the schedule presented in the attachment

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