The December 31, 2017, unadjusted trial balance for Musical Sensations after its second year of operations follows:

Required
1.    Enter the unadjusted trial balance onto a work sheet. 

2. Using the following additional information, enter the adjustments into the work sheet:
a. A review of the Unearned Performance Revenue account revealed a balance remaining of $9,225.
b. Annual depreciation on the musical equipment is $21,600. 

c. Accrued salaries at December 31 totalled $6,100. 

d. It was determined that $650 of the balance in the Office Supplies account had been used.
3. Complete the work sheet.
4. Calculate the balance in the capital account as it would appear on the December 31, 2017, balance sheet.

Transcribed Image Text:

Musical Sensations Work Sheet December 31, 2017 Unadjusted Trial Balance Account Debit Credit Cash 7,500 Accounts receivable 14,200 790 Office supplies Musical equipment 125,000 $ 21,600 Accumulated depreciation, musical equipment Accounts payable 4,200 Unearned performance revenue 12,400 Jim Daley, capital 154,300 Jim Daley, withdrawals 52,000 Performance revenue 138,000 Salaries expense 86,000 Travelling expense 45,010 $ 330,500 $ 330,500 Totals