The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below: No. 101 Cash Silva Rentals Unadjusted Trial Balance March 31, 2020 Account 110 Rent receivable 124 Office supplies 141 Notes receivable, due 2023 161 Furniture 173 Building 183 Land 191 Patent 201 Accounts payable. 252 Long-term note payable. 301 Stephen Silva, capital 302 Stephen Silva, withdrawals 406 Rent revenue 620 Office salaries expense 633 Interest expense 655 Advertising expense 673 Janitorial expense 690 Utilities expense Totals. Unadjusted Trial Balance Dr. 6,300 30,300 1,900 42,500 15,300 209,000 37,500 8,900 $ 88,500 Cr. $ 13,050 168,000 78,000 321,800 48,500 4,550 13,900 40,300 33,400 $580,850 $580,850 Additional information: a. It was determined that the balance in the Rent Receivable account at March 31 should be $34,600. b. A count of the office supplies showed $1,550 of the balance had been used. c. Annual depreciation on the building is $24,300 and $2,800 on the furniture. d. The two part-time office staff members each get paid $125 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 $2,050 was for advertisements to appear in the April issue of Canadian Business magazine. f. Accrued utilities at March 31 totalled $2,270. g. March interest of $390 on the long-term note payable is unrecorded and unpaid as of March 31. Account Number 101 Cash 110 Rent receivable 124 Office supplies 141 Notes receivable, due 2023 161 173 183 191 201 252 301 302 406 620 633 655 673 690 650 601 162 606 174 209 131 203 Account Furniture Building Land Patent Accounts payable Long-term note payable Stephen Silva, capital Stephen Silva, withdrawals Rent revenue Office salaries expense Interest expense Advertising expense Janitorial expense Utilities expense Totals Office supplies expense Depreciation expense, furniture Accumulated depreciation, furniture Depreciation expense, building Accumulated depreciation, building Salaries payable Prepaid advertising Interest payable Totals Totals Unadjusted Trial Balance $ Debit 6,300 30,300 1,900 42,500 15,300 209,000 37,500 8,900 88,500 48,500 4,550 13,900 40,300 SILVA RENTALS Work Sheet For Year Ended March 31, 2020 33,400 $ 580,850 Credit $13,050 168,000 78,000 321,800 580,850 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet & Statement of Changes in Equity Debit Credit The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below: No. 101 Cash Silva Rentals Unadjusted Trial Balance March 31, 2020 Account 110 Rent receivable 124 Office supplies 141 Notes receivable, due 2023 161 Furniture 173 Building 183 Land 191 Patent 201 Accounts payable. 252 Long-term note payable. 301 Stephen Silva, capital 302 Stephen Silva, withdrawals 406 Rent revenue 620 Office salaries expense 633 Interest expense 655 Advertising expense 673 Janitorial expense 690 Utilities expense Totals. Unadjusted Trial Balance Dr. 6,300 30,300 1,900 42,500 15,300 209,000 37,500 8,900 $ 88,500 Cr. $ 13,050 168,000 78,000 321,800 48,500 4,550 13,900 40,300 33,400 $580,850 $580,850 Additional information: a. It was determined that the balance in the Rent Receivable account at March 31 should be $34,600. b. A count of the office supplies showed $1,550 of the balance had been used. c. Annual depreciation on the building is $24,300 and $2,800 on the furniture. d. The two part-time office staff members each get paid $125 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 $2,050 was for advertisements to appear in the April issue of Canadian Business magazine. f. Accrued utilities at March 31 totalled $2,270. g. March interest of $390 on the long-term note payable is unrecorded and unpaid as of March 31. Account Number 101 Cash 110 Rent receivable 124 Office supplies 141 Notes receivable, due 2023 161 173 183 191 201 252 301 302 406 620 633 655 673 690 650 601 162 606 174 209 131 203 Account Furniture Building Land Patent Accounts payable Long-term note payable Stephen Silva, capital Stephen Silva, withdrawals Rent revenue Office salaries expense Interest expense Advertising expense Janitorial expense Utilities expense Totals Office supplies expense Depreciation expense, furniture Accumulated depreciation, furniture Depreciation expense, building Accumulated depreciation, building Salaries payable Prepaid advertising Interest payable Totals Totals Unadjusted Trial Balance $ Debit 6,300 30,300 1,900 42,500 15,300 209,000 37,500 8,900 88,500 48,500 4,550 13,900 40,300 SILVA RENTALS Work Sheet For Year Ended March 31, 2020 33,400 $ 580,850 Credit $13,050 168,000 78,000 321,800 580,850 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet & Statement of Changes in Equity Debit Credit
Expert Answer:
Answer rating: 100% (QA)
SILVA RENTALS Work Sheet For The Year Ended March 312020 Unadjusted Trial Balance Adjustment Adjusted Trial Balance Income Statement Balance Sheet Sta... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
Students also viewed these accounting questions
-
The March 31, 2017, 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...
-
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...
-
At the end of its first year of operations on December 31, 2014, NBS Companys accounts show the following. The capital balance represents each partners initial capital investment. Therefore, net...
-
There were no other non-current assets acquisitions or disposals. A dividend of 150m was paid on ordinary shares during the year. Required a) Prepare a cash flow statement for Blackheath plc for the...
-
Develop a level aggregate plan for the Draper Tax Company if back orders are permitted. (a) Show what would happen if this plan were implemented. (b) Calculate the costs associated with this plan....
-
1. During the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips...
-
Waves on the surface of a tank are observed to travel at a speed of \(2 \mathrm{~m} / \mathrm{s}\). How fast would these waves travel if (a) the tank were in an elevator accelerating downward at a...
-
For several years, Xtreme Co.s sales have been on a cash only basis. On January 1, 2011, however, Xtreme Co. began offering credit on terms of n/30. The amount of the adjusting entry to record the...
-
A shipping company owns two types of trucks, type A and type B. Each type A truck has 20m3 of refrigerated space and 30m3 of unrefrigerated space, while each type B truck has 20m3 of cooled space and...
-
Your client mr. Smith has requested a reservation at eleven madison park this evening for a party of 2 at 6pm. Unfortunately, the restaurant is fully committed. As an alternative, which restaurant...
-
If X=70, S = 10, and n = 49, and assuming that the population is normally distributed, construct a 99% confidence interval estimate of the K population mean, p. Click here to view page 1 of the table...
-
What specifically do you need to do to improve your skills in claiming value?
-
In what ways do Lean Management practices facilitate the cultivation of a culture of continuous improvement and empower employees to actively engage in problem-solving initiatives aimed at enhancing...
-
Presented below is information related to Larkspur Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases ,370,000 2,145,000 Markups 95,100 Markup cancellations Markdowns Markdown...
-
Weighted Average Shares At the beginning of 2 0 1 9 , Hardin Company had 3 4 0 , 0 0 0 shares of $ 1 0 par common stock outstanding. During the year, it engaged in the following transactions related...
-
On December 31 of 2022, Tkaronto Corp. had 750 units in inventory of its product, which cost $15 per unit to produce. During January 2023, the company produced 1000 units at a cost of $17 per unit....
-
Consider the following equilibria. PbBr(s) Pb+(aq) + 2 Br (aq) Pb(OH)2(s) Pb2+ (aq) + 2 OH (aq) Determine the equilibrium constant, Kc, for the reaction below. Pb(OH)2(s) + 2 Br (aq) PbBr2(s) + 2 OH...
-
In Exercises 15 through 30, find the derivative dy/dx. In some of these problems, you may need to use implicit differentiation or logarithmic differentiation. y ex + et -2x 1 + e
-
Sue Santos is a new entry-level accountant for a snowboard manufacturer. At the end of the fiscal period, Santos is advised by a supervisor to include as revenue for the period any orders that have...
-
Beyond Music provides DJ services for events such as high school dances, weddings, and corporate events. Michael Cantu started the business on June 1, 2017. The June activities resulted in totals at...
-
On January 13, at the end of the second weekly pay period of the year, a companys payroll register showed that its 45 employees had earned $23,400 of sales salaries and $5,820 of office salaries....
-
The chief goal of the private sector is effciency.Why? The primary focus of the public sector is equity. Why? It is quite possible to be highly effcient yet ineffective. It is also possible to be...
-
Why is healthcare reform such a contentious issue in the United States? Why have public and private efforts been unsuccessful in fully addressing the challenge of affordable health care? What role(s)...
-
Drawing on economic theory, what kinds of market failure underlie the worlds most pressing problems? Examine three examples: hunger, groundwater contamination, and literacy.
Study smarter with the SolutionInn App