The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations...
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The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below: Silva Rentals Unadjusted Trial Balance March 31, 2020 Unadjuated Irial Balance Dr. Account Cr. No. 101 Cash 110 Rent receivable 124 office aupplies 141 Notes receivable, due 2023 161 Furniture 173 Building 183 Land 191 Patent 201 Accounta payable 252 Long-term note payable 301 Stephen Silva, capital 302 Stephen Silva, withdrawals 406 Rent revenue 620 Office salariea expense 633 Interest expense 655 Advertising expense 673 Janitorial expense 7,000 31,000 2, 250 46, 000 16,000 216,000 41,000 9, 600 $13,750 175, 000 90,250 92,000 328,300 52,000 5,250 14,600 41,000 690 Utilities expense 34,100 Totala $607, 800 4607,800 Additional information: 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 $1,830 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 $160 per day, for every day they work in the pay period. They are paid on the 1st and 15th of each month. At March 31, each worker had worked 6 days and will be paid on April 1. e. A review of the balance in Advertising Expense showed that $2,400 was for advertisements to appear in the April issue of Canadian Business magazine. f. Accrued utilities at March 31 totalled $2,620. g. March interest of $425 on the long-term note payable is unrecorded and unpaid as of March 31. Required: 1. - 3. Use the above information to complete the work sheet. SILVA RENTALS Work Sheet 3. The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below: Silva Rentals Unadjusted Trial Balance March 31, 2020 Unadjuated Irial Balance Dr. Account Cr. No. 101 Cash 110 Rent receivable 124 office aupplies 141 Notes receivable, due 2023 161 Furniture 173 Building 183 Land 191 Patent 201 Accounta payable 252 Long-term note payable 301 Stephen Silva, capital 302 Stephen Silva, withdrawals 406 Rent revenue 620 Office salariea expense 633 Interest expense 655 Advertising expense 673 Janitorial expense 7,000 31,000 2, 250 46, 000 16,000 216,000 41,000 9, 600 $13,750 175, 000 90,250 92,000 328,300 52,000 5,250 14,600 41,000 690 Utilities expense 34,100 Totala $607, 800 4607,800 Additional information: 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 $1,830 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 $160 per day, for every day they work in the pay period. They are paid on the 1st and 15th of each month. At March 31, each worker had worked 6 days and will be paid on April 1. e. A review of the balance in Advertising Expense showed that $2,400 was for advertisements to appear in the April issue of Canadian Business magazine. f. Accrued utilities at March 31 totalled $2,620. g. March interest of $425 on the long-term note payable is unrecorded and unpaid as of March 31. Required: 1. - 3. Use the above information to complete the work sheet. SILVA RENTALS Work Sheet 3.
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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