On December 31, 2008, Tie one On reported net income for the year of $265000 and the following account balances: Cash $175000, Accounts receivable $21000, Prepaid rent $6000, Equipment and Furnishing $230000, Accumulated depreciation-Equipment and Furnishing ($43000), Accounts payable $39000, Wages payable $13000, Owners Equity (including net income of $265000) $337000.
After this information was prepaid, the bookkeeper discovered that they failed to prepare two adjusting entries. These were not reflected in the balance shown. Here is the information on these two entries (1) (cont..)

Question

On December 31, 2008, Tie one On reported net income for the year of $265000 and the following account balances: Cash $175000, Accounts receivable $21000, Prepaid rent $6000, Equipment and Furnishing $230000, Accumulated depreciation-Equipment and Furnishing ($43000), Accounts payable $39000, Wages payable $13000, Owners Equity (including net income of $265000) $337000.
After this information was prepaid, the bookkeeper discovered that they failed to prepare two adjusting entries. These were not reflected in the balance shown. Here is the information on these two entries (1) (cont..)

anonymous · Answer

The prepaid rent account was paid on April, 2008, for one year for $6000. The account has been adjusted since. (2) A bill received in January for utilities incurred in December 2008 for $1400 was mistakenly not entered into system
Please calculate the year end corrected balances for the following three accounts. Assets, liabilities, and equity. You can enter your answer in the following format for each category.
Assets= $X (Show your work in parentheses numbers only) no title necessary
Liabilities = $X (Show your work in parentheses numbers only) no title necessary
Equity = $X (Show your work in parentheses numbers only) no title necessary