please fill side columns of adjustments Please enter the following information, taken at month-end,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
please fill side columns of adjustments
Please enter the following information, taken at month-end, in the trial balance by entering the letter (on the left) and amount (on the right) of each adjustment in the 'Adjustments' column, for the appropriate accounts. Then fill in the 'Adjusted Trial Balance' column with the balances of each account. Interest of $490 has accrued on a note payable but is unrecorded. Buildings purchased at the start of the month for $40,500 are estimated to have a useful life of five years. After this time, the buildings will be sold for $15,000. The estimated monthly depreciation on the furniture is $460. Interest of $210 on notes receivable is unrecorded and unpaid. $2,500 of the consulting fees paid to X-cell Inc. in advance has been earned. $1,700 of the television advertising paid for in advance has been used. $200 of property taxes have accrued and are unrecorded. Of the $2,750 rent paid to X-cell Inc. in advance, $2,500 has not yet been earned. Adjusted Trial Balance Dr. Cr Of the $2,750 rent paid to X-cell Inc. in ad X-cell Inc. Trial Balance December 31, 2014 Unadjusted Trial Balance Adjustments Account Dr. Cr. Dr. Cr. Accounts payable 2,000 Accumulated depreciation, building 11,200 Accumulated depreciation, furniture 13,300 Advertising expense 3,500 Building 40,500 Cash 66,620 Consulting revenue earned 2,900 Depreciation expense, building 0 Depreciation expense, furniture 0 Equipment 2,000 Furniture 31,200 Interest earned 2,300 Interest expense 8,800 Interest payable Interest receivable 0 Notes receivable 13,500 Prepaid advertising 6,400 Property taxes expense 13,800 Property taxes payable 0 Rent earned 6,300 Retained earnings 470 Share capital 125,300 Short-term notes payable 12,000 Unearned consulting revenue 7,800 Unearned rent 2,750 Totals 186,320 186,320 0
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!