Question

Accounts Receivable - Prepaid Rent Prepaid Insurance BB 95.40 BB 30,00 15,000 BB 2,700 Prepaid Supplies BE 400 95420 - 1000 25000 2.200 120

Please let me know if you can not read the numbers 2700 For Prepaid Insurance and Depreciation Expense 3250

Answer 1

Following doubts have been found and assumptions made for providing solution
Entries in Interest Expense and accrued interest is wrong, interest expense is to be debited and Accrued interest to be credited
Salaries expense total not correct, taken as 19400+550 = $19950
Nothing provided for Insurance expense, so ignored
If these assumptions are contradictory to any of your answer, do comment, i will try to rectify as per that

5.

	Trial balance
Account Titles	Debit	Credit
Cash	$          95,430
Accounts Receivable	$            6,000
Prepaid Rent	$          25,000
Prepaid Insurance	$            2,700
Prepaid Supplies	$                120
Equipment	$       400,000
Accumulated Depreciation		$            3,250
Accounts Payable		$                970
Accrued Interest		$            1,400
Accrued Salaries		$                550
Unearned Rental Revenue		$            1,950
Notes Payable		$       350,000
Capital Stock-Mike		$          80,000
Capital Stock-Julie		$          80,000
Dividend	$            4,000
Retained Earnings		$                   -
Rental Revenue		$          46,100
Salaries Expense	$          19,950
Rent Expense	$            5,000
Repair Expense	$                520
Utilities Expense	$                560
Interest Expense	$            1,400
Depreciation Expense	$            3,250
Supplies Expense	$                290
Insurance Expense	$                   -
Total	$       564,220	$       564,220

Income Statement
Revenues
Rental Revenue	$          46,100
Total Revenues		$          46,100
Expenses :
Salaries Expense	$          19,950
Rent Expense	$            5,000
Repair Expense	$                520
Utilities Expense	$                560
Interest Expense	$            1,400
Depreciation Expense	$            3,250
Supplies Expense	$                290
Insurance Expense	$                   -
Total Expenses		$          30,970
Net Income		$          15,130

Statement of Retained Earnings
	Retained Earnings
Beginning Balance	$                   -
Add : Net Income	$          15,130
Less : Dividend	$            4,000
Ending Balance	$          11,130

Balance Sheet
Assets
Current Assets
Cash	$          95,430
Accounts Receivable	$            6,000
Prepaid Rent	$          25,000
Prepaid Insurance	$            2,700
Prepaid Supplies	$                120
Total Current Assets		$       129,250
Long Term assets
Property, Plant and Equipment
Equipment	$       400,000
Less Accumulated Depreciation	$          -3,250	$       396,750
Total Assets		$       526,000
Liabilities
Current Liabilities
Accounts Payable	$                970
Accrued Interest	$            1,400
Accrued Salaries	$                550
Unearned Rental Revenue	$            1,950
Total Current Liabilities		$            4,870
Long term Liabilities
Notes Payable		$       350,000
Total Liabilities		$       354,870
Stockholder's Equity
Capital Stock-Mike	$          80,000
Capital Stock-Julie	$          80,000
Retained Earnings	$          11,130
Total Stockholder's Equity		$       171,130
Total Liabilities & Stockholder's Equity		$       526,000