Q.The Unadjusted Trial Balance of Leonardo DaVinci business for the year ending on Dec 31, 2021 is provided in the excel sheet some additional information. You will have to carry out the following tasks.

1. Create 10 column worksheet for the company for the year ended on Dec 31, 2021.

2. Complete the 10-column worksheet to show adjusting entries, adjusted trial balance, income statement and balance sheet.

3. Create Adjusting Journal Entries from the adjustment column below the 10-column worksheet.

Additional Information 1. Services valued 189,000 were provided to Customer Picaso on Dec 27, 2021 which was unrecorded and uncollected at end of the year. 2. Services valued 82,455 were provided to Customer Rembrandt in October, Rembrandt made the payment for these services on Jan 9, 2021. Adjustment was not made for this service. 3. The prepaid rent was paid in May 2021 and is related to renting a warehouse. The wareshouse was rented for Sep 1, 2021 - Oct 31, 2022. 4. The prepaid insurance was purchased in Apr 2021 and is for the period of May 1, 2021 - Apr 30, 2023 5. DaVinci often requires printing of big posters. In Feb 2021, the company made a contract with BroCan Printing. BroCan agreed to print 100,000 posters for DaVinci for $78,000 if the payment was made in advance. DaVinci paid this amount in Mar 2021. In 2021, BroCan printed 60,000 posters for DaVinci. 6. A physical count of inventory was conducted on Dec 31, 2021 and it was determined the value of the remaining Supplies was 12,251 on that date. 7. Services valued 93,500 were provided to Customer Vangogh on Dec 29, 2021 which was unrecorded and uncollected at end of the year. 8. The interest expense for 2021 is 40,500 which will be paid on Jan 19, 2022. No interest was paid in 2021. 9. The income tax expense for 2021 is 42,000 which was not recorded or paid. 10. On Dec 31, 2021, Salary of 14,500 and Bonus of 3,500 was not unpaid and unrecorded. 11. Depreciation expense for 2021 was a. Plant 149,000 b. Building 30,000 c. Equipment 32,700 12. The bank will pay DaVinci Interest of 1,218 for fixed term deposit for 2021 which was not received or recorded in 2021.

For year ended Dec 31, 2021 Cr 20,86,536 2,10,000 4,90,500 Dr Cash 14,60,971 Short Term Investments 2,18,823 Accounts Receivable 2,12,525 Prepaid Rent 84,000 Prepaid Insurance 23,208 Prepaid Printing 78,000 - Supplies 19,354 Plant 29,80,765 Accoumulated Depreciation - Plant Building 12,00,000 Accoumulated Depreciation - Building Equipment 9,81,000 Accoumulated Depreciation - Equipment Trademark 28,976 Bank Loan - Short Term Bank Loan - Long Term Notes Payable Accounts Payable Salaries Payable Bonus Payable Unearned Revenue Interest Payable = Income Tax Payable Capital, DaVinci Drawings, DaVinci 1,75,000 Service Revenue Interest Revenue Rent Expense Insurance Expense Printing Expense Supplies Expense Depreciation Expense Salaries Expense 35,496 Bonus Expense 11,000 Interest Expense Income Tax Expense 75,09,118 2,50,000 12,87,000 1,45,000 3,14,789 18,754 23,005 98,263 18,234 14,77,535 9,71,278 1,18,224 75,09,118