The December 31, 2020, 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, 2020, balance sheet.

Transcribed Image Text:

Musical Sensations Work Sheet.xlsx Home Review View Insert Page Layout Formulas Data P18 A в Musical Sensations 2 Work Sheet December 31, 2020 3 Unadjusted 4 Trial Balance Account Debit Credit 7 Cash 7,500 8 Accounts receivable 14,200 9 Office supplies |10 Musical equipment | 11 Accumulated depreciation, musical 790 125,000 $ 21,600 equipment 12 Accounts payable | 13 Unearned performance revenue |14 Jim Daley, capital 15 Jim Daley, withdrawals 16 Performance revenue 17 Salaries expense 18 Travelling expense 4,200 12,400 154,300 52,000 138,000 86,000 45,010 $ 330,500 $ 330,500 19 Totals