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ACC 201 Great Basin College Module 3 Hilltop Apartments General Journal

ACC 201 Great Basin College Module 3 Hilltop Apartments General Journal

Question Description

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

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Here is the problem:

Hilltop Apartments, Inc. adjusts and closes it books at the end of each calendar year. Assume the accounts for all prior years have been properly adjusted and closed. Following are some of the company’s account balances prior to the adjustments on December 31, 2020:

Debits Credits
Prepaid Insurance $4,200
Supplies on Hand $2,700
Buildings $360,000
Accumulated Depreciation $49,583
Unearned Rent $27,000
Salaries Expense $122,000
Rental Revenue $324,126

1. The prepaid insurance account balance represents the remaining amount of a $7,200 three-year insurance policy that was paid some time in 2019.

2. It is estimated that the supplies on hand at December 31, 2020 have a cost of $600.

3. The building was originally acquired several years back, has a salvage value of $20,000, and has been depreciated annually using the straight-line method. It originally had an estimated useful life of 40 years.

4. Interest earned by Hilltop on a bank account, but not yet received as of December 31, 2020 amounts to $236.

5. The unearned rent account arose through the prepayment of rent by a tenant in the building for a 12 month period beginning August 1, 2020.

Required: Prepare the annual year-end adjusting journal entries indicated by the data above.

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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.



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