CA HIHIRIYA TIRTH1 11 11 ! Required information Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense Office supplies expense Insurance expense Utilities expense Depreciation expense 953.400 270 11,700 387,000 900 6,040 3,400 52,000 81,000 $ 3,831,480 $ 0 Totals Answer is not complete. MUSICAIS-US, INC. Adjusted Trial Balance As of December 31, 2021 Credit Debit 43,870 $ 35,100 128, 100 257 600 900 6,400 1,791,000 Cash at bank Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments 72,800 View transaction list View journal entry worksheet Debit Credit No Transaction General Journal 1 Bank service charges Accounts receivable Cash at bank 2,100 2 b Marketable securities Unrealized holding gain on investments 3,000 3 Uncollectible accounts expense Allowance for doubtful accounts 4 d Cost of goods sold 600 5 e Office supplies expense Office supplies 640 6 ON f Insurance expense Prepaid insurance 7 g Depreciation expense Required information 2 b Marketable securities 2.100 Unrealed holding gain on investments 3 3,000 Uncollectible accounts expense Allowance for doubtful accounts 4 d Cost of goods sold 5 600 Office supplies expense Office supplies 6 640 Insurance exponse Prepaid insurance 7 g Depreciation expense Accumulated depreciation by 8 h 3,200 Unearned customer deposits Sales 9 9 Income tax expense 81,000 Income taxes payable Other information pertaining to the company's trial balance is provided as follows. a 1. The most recent bank statement reports a balance of $48.770. Included with the bank statement was a $2,100 check from Iggy Smarts, a professional musician, charged back to Music Is Us as NSF. The bank's monthly service charge was $30. Three checks written by Music Is Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no. 508. $3,700; no 511, $9.200; and no. 521 $8,400. Deposits of $16.400 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month. 2. Music is Us has a portfolio of marketable securities that originally cost $27000. As of December 31, the market value of these securities was $35.100. All short-term investments are classified as "available for sale." 3. During December. $5,900 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts receivable led management to conclude that an allowance for doubtful accounts of $8,300 is needed at December 31, 2021 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1400. This amount is not considered significant relative to the total cost of Inventory on hand. 5. At December 31, approximately $900 in office supplies remained on hand. 6. The company pays for its insurance policies 12 months in advance. Its most recent payment was made on November 1 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31 2021 8. Although Music Is-Us carries an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Unearned Customer Deposits." As of December 31, $4,600 of these deposits remained unfilled because the special-order guitars have not been received from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total $81000. No income tax payments are due until early in 2022. Required information 2 b Marketable securities 2.100 Unrealed holding gain on investments 3 3,000 C Uncollectible accounts expense Allowance for doubtful accounts 4 d Cost of goods sold 5 0 600 Office supplies expense Office supplies 6 1 640 Insurance expenso Prepaid insurance 7 9 Depreciation expense Accumulated depreciation 8 h 3,200 Uneared customer deposits Sales 9 81,000 Income tax expense Income taxes payable CA HIHIRIYA TIRTH1 11 11 ! Required information Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense Office supplies expense Insurance expense Utilities expense Depreciation expense 953.400 270 11,700 387,000 900 6,040 3,400 52,000 81,000 $ 3,831,480 $ 0 Totals Answer is not complete. MUSICAIS-US, INC. Adjusted Trial Balance As of December 31, 2021 Credit Debit 43,870 $ 35,100 128, 100 257 600 900 6,400 1,791,000 Cash at bank Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer deposits Income taxes payable Capital stock Retained earnings Unrealized holding gain on investments 72,800 View transaction list View journal entry worksheet Debit Credit No Transaction General Journal 1 Bank service charges Accounts receivable Cash at bank 2,100 2 b Marketable securities Unrealized holding gain on investments 3,000 3 Uncollectible accounts expense Allowance for doubtful accounts 4 d Cost of goods sold 600 5 e Office supplies expense Office supplies 640 6 ON f Insurance expense Prepaid insurance 7 g Depreciation expense Required information 2 b Marketable securities 2.100 Unrealed holding gain on investments 3 3,000 Uncollectible accounts expense Allowance for doubtful accounts 4 d Cost of goods sold 5 600 Office supplies expense Office supplies 6 640 Insurance exponse Prepaid insurance 7 g Depreciation expense Accumulated depreciation by 8 h 3,200 Unearned customer deposits Sales 9 9 Income tax expense 81,000 Income taxes payable Other information pertaining to the company's trial balance is provided as follows. a 1. The most recent bank statement reports a balance of $48.770. Included with the bank statement was a $2,100 check from Iggy Smarts, a professional musician, charged back to Music Is Us as NSF. The bank's monthly service charge was $30. Three checks written by Music Is Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no. 508. $3,700; no 511, $9.200; and no. 521 $8,400. Deposits of $16.400 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month. 2. Music is Us has a portfolio of marketable securities that originally cost $27000. As of December 31, the market value of these securities was $35.100. All short-term investments are classified as "available for sale." 3. During December. $5,900 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts receivable led management to conclude that an allowance for doubtful accounts of $8,300 is needed at December 31, 2021 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1400. This amount is not considered significant relative to the total cost of Inventory on hand. 5. At December 31, approximately $900 in office supplies remained on hand. 6. The company pays for its insurance policies 12 months in advance. Its most recent payment was made on November 1 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31 2021 8. Although Music Is-Us carries an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Unearned Customer Deposits." As of December 31, $4,600 of these deposits remained unfilled because the special-order guitars have not been received from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total $81000. No income tax payments are due until early in 2022. Required information 2 b Marketable securities 2.100 Unrealed holding gain on investments 3 3,000 C Uncollectible accounts expense Allowance for doubtful accounts 4 d Cost of goods sold 5 0 600 Office supplies expense Office supplies 6 1 640 Insurance expenso Prepaid insurance 7 9 Depreciation expense Accumulated depreciation 8 h 3,200 Uneared customer deposits Sales 9 81,000 Income tax expense Income taxes payable