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Please enter the following information, taken at month-end, in the trial balance by entering the letter (on the left) and amount (on the right) of
Please enter the following information, taken at month-end, in the trial balance by entering the letter (on the left) and amount (on the right) of each adjustment in the 'Adjustments' column, for the appropriate accounts. Then fill in the 'Adjusted Trial Balance' column with the balances of each account.
- A review of the $16,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $10,300 at the end of the month.
- A building Allarco Inc. owns is rented out for $2,000 each month. The current month's rent has not been received by month-end.
- Equipment purchased at the start of the month for $48,000 is estimated to have a useful life of five years. After this time, the equipment will be worthless.
- Property taxes of $300 have accrued but are unrecorded.
- $2,400 of the consulting fees paid to Allarco Inc. in advance has been earned.
- The monthly depreciation on the furniture is $210.
- $600 of the rent paid in advance has been used.
- The monthly depreciation on the building is $400.
Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Cr. Account Accounts payable... Accumulated depreciation, building... Accumulated depreciation, equipment Accumulated depreciation, furniture Building... Cash Consulting revenue earned Depreciation expense, building.. Depreciation expense, equipment Depreciation expense, furniture Equipment Furniture Insurance expense. Prepaid insurance Prepaid rent Property taxes expense Property taxes payable. Rent earned Rent expense Rent receivable Retained earnings Share capital Supplies... Unearned consulting revenue Totals Allarco Inc. Trial Balance December 31, 2014 Unadjusted Trial Balance Dr. 700 8,900 32,000 13,900 36,700 113,590 10,700 0 0 0 48,000 34,700 4,700 16,000 3,600 1,100 0 11,700 1,800 0 490 175,000 700 7,500 260,890 260,890
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