Please find attached a project for Rocky4ever.

Hi Rocky4ever, please need your help to double check what I have done so far
and make any changes you deem necessary. Please make changes in red
so that I can see them.
Finally,I need your help to adjust the trail balance.
Thank you soo much

Unadjusted trial balance JASSAL MUSIC EDMONTON Trial Balance As at December 31, 20X4 Cash Accounts Receivable Trade Allowance for Doubtful Accounts Accounts Receivable School Program Prepaid Insurance Inventory School Rentals Inventory Instrument Sales Inventory Related Products Inventory Not Owned Note Receivable R. Tower Investment in PLZ Shares (at FVPL) Investment in General Company bonds (at amortized cost) Investment in Mortgage Option (at FVOCI) Investment in Mortgages (at FVOCI) Land Warehouse Accumulated Depreciation Warehouse Store Accumulated Depreciation Store Tools and Other Equipment Accumulated Depreciation Tools and Other Equipment Vehicles Delivery, Service, Sales Accumulated Depreciation Vehicles Office Equipment Accumulated Depreciation Office Equipment Computer Equipment Accumulated Depreciation Computer Equipment Customer List Accumulated Amortization Customer List Accounts Payable Payroll Taxes Payable Short-term Note Payable Current Portion of Long-term Debt Long-term Debt Preferred Shares (2,000 shares outstanding) Common shares (750 shares @ $400 / share) Retained earnings Revenue Instrument Sales Revenue Sales Related Products Revenue School Rental Program Revenue Lessons Revenue Tuning and Repair Revenue Allegro Sales Cost of Goods Sold Instrument Sales Cost of Goods Sold Related Products Cost of Goods Sold Allegro Cost of Goods Sold Lessons, Tuning and Repair, and Other Advertising Page 1 Debit 275,612.00 24,500.00 48,000.00 25,500.00 36,990.00 114,524.00 35,700.00 51,750.00 3,695.00 84,240.00 250,000.00 5,000.00 512,000.00 279,400.00 126,000.00 368,400.00 38,850.00 35,000.00 8,500.00 12,300.00 10,000.00 1,423,598.00 355,794.00 310,500.00 38,600.00 4,500.00 Unadjusted trial balance Audit and Legal Fees Interest Expense Long-term Debt Insurance Expense Property, Building and Casualty Insurance Automobile Investment Transaction Costs Janitorial Services Office Expenses Property Taxes Training and Development Telephone Utilities Wages, Salaries and Benefits Dividend Income Gain (Loss) on Investment in PLZ Shares Interest Income Note Receivable Mortgage Interest Income Gain / Loss on Purchase of Property, Plant and Equipment Gain / Loss on Sale of Property, Plant and Equipment Income tax expense 13,907.00 3,225.00 15,200.00 2,500.00 309.00 7,800.00 4,800.00 18,600.00 3,200.00 6,685.00 7,200.00 432,000.00 225,000.00 $5,219,379.00 Page 2 Unadjusted trial balance Credit 85.00 Hi Rocky4ever, please need your help to double check what I have done so far and make any changes you deem necessary. Please make changes in red so that I can see them. Finally,I need your help to adjust the trail balance. Thank you soo much 27,550.00 78,285.00 24,605.00 14,400.00 3,400.00 4,950.00 5,000.00 242,700.00 4,240.00 3,500.00 7,200.00 36,000.00 50,000.00 300,000.00 321,625.00 2,637,358.00 571,577.00 122,000.00 198,600.00 64,100.00 388,125.00 Page 3 Unadjusted trial balance 2,025.00 52,785.00 339.00 57,980.00 150.00 800.00 $5,219,379.00 Page 4 Unadjusted trial balance what I have done so far ake changes in red Page 5 Unadjusted trial balance Page 6 1) Adjusting entries 1) Hi Rocky4ever, Please check my journal entries and make changes if they are wrong. Please August 20X4 DR Prepaid insurance 25500 CR Cash December 31, 20X4 DR Insurance expense 8500 CR Prepaid insurance (25,500/12 * 4) Adjustment of commercial and business insurance used from Septemb 2) No entry required Jassal Music (consignee) has possession of Allegro grand piano (consignor) in it's store until on behalf of the owner for a commission. It is important to understand Revenue is not recognized on the delivery of a product to a second pa 3) Rental revenue is considered as a steady stream of income from its day to day cash flow acti June 30, 20X4 DR Cash 42000 CR School rentals sale (7,000 * 6) Revenue received for the period of January to June 20X4 December 31, 20X4 DR Cash 32000 CR School rentals sale (8,000 * 4) Revenue received for the period of September to December 20X4 Total revenue received from school instrument rental program was 74, 4) 5) The standard states consider the item received in exchange. Dr Computer equipment (received) CR Gain in exchange CR Violin (given up) Inventory is applied to groups of similar items Rentals December 31, 20X4 DR COGS CR Inventory 1324895 December 31, 20X4 Items for sale DR COGS CR Inventory 6010855 December 31, 20X4 Related products DR COGS CR Inventory 145700 December 31, 20X4 6) 1800 Allegro products were not included on the inventory items because the misrepresentation of inventory and other problems such as dealing wit Allowance for doubtful accounting - at year end of Jassal Music Trade and no bad debt for sc DR Bad debt expense 245 Page 7 1) Adjusting entries CR AFDA 7) Hi Rocky4ever, What will be the journal entry for no.7 you just did? Page 8 1) Adjusting entries hanges if they are wrong. Please make changes in red to see the correction. 25500 8500 ss insurance used from September to December 20X4 iano (consignor) in it's store until a sale occurs. This form of arrangement is known as held on consignment on. It is important to understand that the agent never owns the goods. very of a product to a second party if the delivered product is held on consignment. from its day to day cash flow activities. 42000 nuary to June 20X4 32000 eptember to December 20X4 strument rental program was 74,000 150 1650 1324895 6010855 145700 the inventory items because they are consigned items. Including Allegro products on inventory item would cause her problems such as dealing with taxes. usic Trade and no bad debt for school program Page 9 1) Adjusting entries 245 Page 10 1) Adjusting entries Page 11 1) Adjusting entries Page 12 2) Inventory JASSAL MUSIC EDMONTON Trial Balance As at December 31, 20X4 Inventory item Number of units Cost per unit ($) Rentals Chime sets 75 225 Cymbals 75 15 Drum sets 50 175 Flutes 75 100 Violins 75 110 Guitars (school program) 120 62 Keyboards 15 250 Recorders (school program) 120 7 Saxophones 20 225 Triangles 80 5 Xylophones 20 135 Instrument stands 250 80 Total rental items 975 1354275 Items for sale Chime sets Cymbals Drum sets Flutes Violins Guitars (school program) Guitars - acoustic Guitars - electric Keyboards Pianos - entry Pianos - introductory Pianos - intermediate Pianos - professional Pianos - upright Recorders (school program) Saxophones Ukuleles Xylophones Instrument stands Total items for sale Related products Sheet music (scores) Bows Picks Strings (packages) Metronomes Page 13 3 4 3 5 3 7 9 12 4 3 5 2 1 2 25 3 5 4 15 115 750 70 450 650 1500 62 125 190 2200 2300 4500 12000 22500 5000 7 575 55 245 80 6124785 2800 25 200 75 25 3125 12 12 2 12 20 181250 2) Inventory USIC EDMONTON mber 31, 20X4 NPV per unit ($) Inventory value unit * lower or NRV($) 79 5 61 35 39 22 88 2 9 2 47 36 790 85 525 775 1650 45 132 225 2100 2500 4900 14200 25000 7500 10 675 65 300 75 18 22 5 10 45 79 5 61 35 39 22 88 2 9 2 47 36 750 70 450 650 1500 45 125 190 2100 2300 4500 12000 22500 5000 7 575 55 245 75 12 12 2 10 20 75 75 50 75 75 120 15 120 20 80 20 250 3 4 3 5 3 7 9 12 4 3 5 2 1 2 25 3 5 4 15 2800 25 200 75 25 Page 14 5925 375 3050 2625 2925 2640 1320 240 180 160 940 9000 29380 1324895 2250 280 1350 3250 4500 315 1125 2280 8400 6900 22500 24000 22500 10000 175 1725 275 980 1125 113930 6010855 33600 300 400 750 500 35550 145700 3) Note Receivable 7) Date October 19, 20X3 December 31, 20X3 April 15, 20X4 August 6, 20X4 December 31, 20X4 Days outstanding Amount outstanding 73 105 113 147 Page 15 6,500.00 6,500.00 5,156.00 4,333.99 3,695.00 Interest Interest rate 12.00% 156.00 12.00% 177.99 12.00% 161.01 12.00% 178.57 12.00% 3) Note Receivable Payment Amount outstanding 6,500.00 1,500.00 5,156.00 1,000.00 4,333.99 800.00 3,695.00 0.00 3,873.57 Page 16 4) Adjusted trial balance JASSAL MUSIC EDMONTON Trial Balance As at December 31, 20X4 Unadjusted Debit 275,612.00 24,500.00 Cash Accounts Receivable Trade Allowance for Doubtful Accounts Accounts Receivable School Program Prepaid Insurance Inventory School Rentals Inventory Instrument Sales Inventory Related Products Inventory Not Owned Note Receivable R. Tower Investment in PLZ Shares (at FVPL) Investment in General Company bonds (at amortized cost) Investment in Mortgage Option (at FVOCI) Investment in Mortgages (at FVOCI) Land Warehouse Accumulated Depreciation Warehouse Store Accumulated Depreciation Store Tools and Other Equipment Accumulated Depreciation Tools and Other Equipment Vehicles Delivery, Service, Sales Accumulated Depreciation Vehicles Office Equipment Accumulated Depreciation Office Equipment Computer Equipment Accumulated Depreciation Computer Equipment Customer List Accumulated Amortization Customer List Accounts Payable Payroll Taxes Payable Short-term Note Payable Current Portion of Long-term Debt Long-term Debt Preferred Shares (2,000 shares outstanding) Common shares (750 shares @ $400 / share) Retained earnings Revenue Instrument Sales Revenue Sales Related Products Revenue School Rental Program Revenue Lessons Revenue Tuning and Repair Revenue Allegro Sales Cost of Goods Sold Instrument Sales Cost of Goods Sold Related Products Cost of Goods Sold Allegro Cost of Goods Sold Lessons, Tuning and Repair, and Othe Page 17 48,000.00 25,500.00 36,990.00 114,524.00 35,700.00 51,750.00 3,695.00 84,240.00 250,000.00 5,000.00 512,000.00 279,400.00 126,000.00 368,400.00 38,850.00 35,000.00 8,500.00 12,300.00 10,000.00 1,423,598.00 355,794.00 310,500.00 38,600.00 4) Adjusted trial balance Advertising Audit and Legal Fees Interest Expense Long-term Debt Insurance Expense Property, Building and Casualty Insurance Automobile Investment Transaction Costs Janitorial Services Office Expenses Property Taxes Training and Development Telephone Utilities Wages, Salaries and Benefits Dividend Income Gain (Loss) on Investment in PLZ Shares Interest Income Note Receivable Mortgage Interest Income Gain / Loss on Purchase of Property, Plant and Equipment Gain / Loss on Sale of Property, Plant and Equipment Income tax expense 4,500.00 13,907.00 3,225.00 15,200.00 2,500.00 309.00 7,800.00 4,800.00 18,600.00 3,200.00 6,685.00 7,200.00 432,000.00 225,000.00 $5,219,379.00 Page 18 4) Adjusted trial balance Hi Rocky4ever, I need help with adjusting the trail balance Credit 85.00 27,550.00 78,285.00 24,605.00 14,400.00 3,400.00 4,950.00 5,000.00 242,700.00 4,240.00 3,500.00 7,200.00 36,000.00 50,000.00 300,000.00 321,625.00 2,637,358.00 571,577.00 122,000.00 198,600.00 64,100.00 388,125.00 Page 19 4) Adjusted trial balance 2,025.00 52,785.00 339.00 57,980.00 150.00 800.00 $5,219,379.00 Page 20