Navjeet Parmar
New member
The March31,2011,unadjusted trial balance for john rentals after its first year of operations is shown below:
No Account unadjusted Trial balance
debit credit
101 Cash $ 17,000
110 Rent Receivable 60,000
124 Office Supplies 6,800
141 Notes Receivable, due 2014 143,000
161 Furniture 46,000
173 Building 625,000
183 Land 110,000
191 Patent 3,000
201 Account Payable $ 5,800
252 Long-term Notes Payable 375,000
301 John, Capital 499,525
302 John, withdrawals 28,000
406 Rent Earned 406,200
620 Office salaries expense 124,000
633 Interest Expense 20,625
655 Advertising Expenses 28,000
673 Janitorial Expenses 41,000
690 Utilities Expenses 34000
_____
Balance Dr & Cr 1286525
Required:
Enter the unadjusted Trial Balance onto a work sheet.
Using the following, enter the adjustments into the work sheet(the Chart of Account at the textbook may be useful when additional account are required):
a. it was determined that the balance in the Rent Receivable account at March 31 should be $68,000.
b. A count of the office supplies showed $6,100 of the balance had been used.
c. Annual depreciation on the building is $25,000 and $3500 on the furniture.
d. The five part-time office staff member each get paid $1,050 bi-weekly. The last bi-weekly pay period ended Friday, March 24. At March 31, five days salary had accrued.
e. A review of the balance in Advertising Expense showed that $400 was for advertisements
to appear in the April issue of Canadian Business Magazine.
f. Accrued utilities at March 31 totalled $2620.
g. March interestof $1875 on the long-term notes payable is unrecorded and unpaid as of March 31.
Complete the work sheet
No Account unadjusted Trial balance
debit credit
101 Cash $ 17,000
110 Rent Receivable 60,000
124 Office Supplies 6,800
141 Notes Receivable, due 2014 143,000
161 Furniture 46,000
173 Building 625,000
183 Land 110,000
191 Patent 3,000
201 Account Payable $ 5,800
252 Long-term Notes Payable 375,000
301 John, Capital 499,525
302 John, withdrawals 28,000
406 Rent Earned 406,200
620 Office salaries expense 124,000
633 Interest Expense 20,625
655 Advertising Expenses 28,000
673 Janitorial Expenses 41,000
690 Utilities Expenses 34000
_____
Balance Dr & Cr 1286525
Required:
Enter the unadjusted Trial Balance onto a work sheet.
Using the following, enter the adjustments into the work sheet(the Chart of Account at the textbook may be useful when additional account are required):
a. it was determined that the balance in the Rent Receivable account at March 31 should be $68,000.
b. A count of the office supplies showed $6,100 of the balance had been used.
c. Annual depreciation on the building is $25,000 and $3500 on the furniture.
d. The five part-time office staff member each get paid $1,050 bi-weekly. The last bi-weekly pay period ended Friday, March 24. At March 31, five days salary had accrued.
e. A review of the balance in Advertising Expense showed that $400 was for advertisements
to appear in the April issue of Canadian Business Magazine.
f. Accrued utilities at March 31 totalled $2620.
g. March interestof $1875 on the long-term notes payable is unrecorded and unpaid as of March 31.
Complete the work sheet