PO Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $57,480. 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 $20. 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, $4,500; no. 511, $8,700, and no. 521. $8,300 Deposits of $16.900 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 $24,000. As of December 31, the market value of these securities was $32,100. 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 $7700 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 $1.250. This amount is not considered significant relative to the total cost of inventory on hand. 5. Al December 31, approximately $840 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 $5,000 for the month ending December 31 2021 8. Although Music Is Us cames an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to the 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, $4,800 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 uneared customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021. total $81.000 No Income tax payments are due untill early in 2022 Required: o. Prepare a bank reconciliation to update the accounting records of Music is Us as of December 31, 2021 b- Prepare the necessaty adjusting entries at December 31, 2021 Prev 1 2 0 6 6 11 Next > The following information applies to the questions displayed below! Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The con make adjusting entries monthly, and they make all closing entries annually. The company is growing itself on having no long-term liabilities. The company has provided the following trial balance dated December 31, 2021. $ 55,000 30,000 134,000 $ 5,000 257,000 2,100 6,600 1,799,000 793,000 72,800 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2021 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 Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense office supplies expense Insurance expense Utilities expense Depreciation expense Income tax expense 68,000 7,000 71,000 980,000 232, 200 5,500 1,666,960 950.000 160 3,200 388,000 200 6,100 3,500 45,000 71,000 $3,828,660 $3,828,660 Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $57.480. Included with the bank statement was a $ from inoy Smart Arofessional musician channel haren Mills as NSF The bank'e monthly corul PO Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $57,480. 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 $20. 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, $4,500; no. 511, $8,700, and no. 521. $8,300 Deposits of $16.900 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 $24,000. As of December 31, the market value of these securities was $32,100. 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 $7700 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 $1.250. This amount is not considered significant relative to the total cost of inventory on hand. 5. Al December 31, approximately $840 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 $5,000 for the month ending December 31 2021 8. Although Music Is Us cames an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to the 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, $4,800 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 uneared customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021. total $81.000 No Income tax payments are due untill early in 2022 Required: o. Prepare a bank reconciliation to update the accounting records of Music is Us as of December 31, 2021 b- Prepare the necessaty adjusting entries at December 31, 2021 Prev 1 2 0 6 6 11 Next > The following information applies to the questions displayed below! Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The con make adjusting entries monthly, and they make all closing entries annually. The company is growing itself on having no long-term liabilities. The company has provided the following trial balance dated December 31, 2021. $ 55,000 30,000 134,000 $ 5,000 257,000 2,100 6,600 1,799,000 793,000 72,800 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2021 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 Sales Cost of goods sold Bank service charges Uncollectible accounts expense Salary and wages expense office supplies expense Insurance expense Utilities expense Depreciation expense Income tax expense 68,000 7,000 71,000 980,000 232, 200 5,500 1,666,960 950.000 160 3,200 388,000 200 6,100 3,500 45,000 71,000 $3,828,660 $3,828,660 Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $57.480. Included with the bank statement was a $ from inoy Smart Arofessional musician channel haren Mills as NSF The bank'e monthly corul