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please make all necessary adjusting entries and prepare adjusted trial balance Ailes Inc. is a major local wholesaler that provides musical instruments for studios and
please make all necessary adjusting entries and prepare adjusted trial balance
Ailes Inc. is a major local wholesaler that provides musical instruments for studios and music schools in the region. It prepares its financial statements once a year on December 31, and records the appropriate adjusting entries at that time. The following is an unadjusted trial balance for all the accounts for Arles Inc at December 30, 2020, presented in no particular order. Corporate taxes are ignored. Recom Dr. Cu. 247,800 Notes receivable 36,000 Roccarecevable 183,000 She capital 894,100 Bulding 600,000 Accumulated amortisation building 20,000 Land 160,200 Long-term investments 100,000 Sales 1,110,900 Salaries expense 124,300 Rotated earning jan. 2020 264,000 Advertising expense 105,000 Merchandise inventory 201,900 Rent revenue 5,400 Prepaid unwrance 12,000 Au payable 47.100 600 Telephone spend 2,900 Nalos payable 20.000 Mollaneous expen 7.100 Goat of good old 580,000 Toul 2,370,500 2.3T0.500 Analinmann Additional information: ques Char infor Finish Timet .) Depreciation on the building for 2020 is $15,000. by An amount of 58,000 will be paid to employees on January 15, 2021. One half of this amount pertains to salaries eamed by employees in the last two weeks of December 2020 and the other half was earned in the first two weeks of January 2021. The note payable was issued on December 1, 2020. The principal and interest of 6 percent per annum are payable on March 1, 2021. d) Pant of the building owned by the company was rented to a tenant on November 1, 2020 for three months, at $1,800 per month. The rent of 55,400 was collected in cash on November 1, 2020 and credited to Rent revenue e) The Note recervable is a six-month note, dated November 1, 2020 and payable to Arles Inc on April 30, 2021 along with interest at the rate of 10 percent per annum. 1) The prepaid annual insurance policy expires on March 31, 2021, Required: make all the necessary adjusting entries, prepare the adjusted trial balance, and answer the following question: What is the total Shareholders Equity as of Dec. 31, 2020, after all adjustments? a. 539.500 6,894,100 None of the other alternatives are correct 1,433,600 e. 1.158.100
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