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

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

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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.

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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