50.1K

Verified Solution

Link Copied!

PROBLEMS Problem 4-1A Completing a work sheet Loi eXcel CHECK FIGURE: 3. Adjusted trial balance columns = $646.265 The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below: Silva Rentals Trial Balance.xlsx P10 UN Silva Rentals Unted The Balance March 31, 2020 Unadjusted Trial Balance 6 No. Account De Cr. 7 101 Cash 5 7,000 8110 Rent receivable 31.000 4 124 Office supplies 2.250 10 141 Notes receivable, due 2023 46.000 11 161 Furniture 16,000 12 173 Building 216.000 13 183 Land 41.000 14 191 Patent 2600 15 201 Accounts payable $ 13.750 16 252 Long term note payable 175.000 17 301 Stephen Silva, capital 40.250 18 302 Stephen Silva, withdrawals 42.000 19 406 Rent revenue 328.800 20 620 Office salaries expense 52,000 21 633 Interest expense 5.250 22 655 Advertising expense 14,600 23 673 Janitorial expense 41.000 24 690 Utilities expense 34,100 25 Totals $ 607.800 $ 607,800 Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the following additional information, enter the adjustments into the work sheet (the Chart of Accounts in Appendix IV may be useful when additional accounts are required): a. It was determined that the balance in the Rent Receivable account at March 31 should be $36,000. b. A count of the office supplies showed 51,830 of the balance had been used. c. Annual depreciation on the building is $25,000 and $3,500 on the furniture, d. The two part-time office staff members each get paid $1,600 biweekly. The last biweekly pay period ended Friday, March 20. At March 31, six days' salary had accrued

Answer & Explanation Solved by verified expert

See Answer