The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below:

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 $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 $1,600 biweekly. The last biweekly pay period ended Friday, March 20. At March 31, six days? salary had accrued.

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.

3. Complete the work sheet.

Transcribed Image Text:

Silva Rentals Trial Balance.xlsx Home Page Layout Formulas Insert Data Review View P18 A в Silva Rentals Unadjusted Trial Balance March 31, 2020 3 Unadjusted Trial Balance No. Account Dr. Cr. $ 7,000 7 101 Cash 8 110 Rent receivable 9 124 Office supplies |10 141 Notes receivable, due 2023 11 161 Furniture 12 173 Building 13 183 Land 31,000 2,250 46,000 16,000 216,000 41,000 14 191 Patent 9,600 |15 201 Accounts payable |16 252 Long-tem note payable |17 301 Stephen Silva, capital | 18 302 Stephen Silva, withdrawals $ 13,750 175,000 90,250 92,000 19 406 Rent revenue 328,800 20 620 Office salaries expense 21 633 Interest expense 22 655 Advertising expense 23 673 Janitorial expense 52,000 5,250 14,600 41,000 24 690 Utilities expense 34,100 $ 607,800 $ 607,800 25 Totals