Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The December 31, 2020, unadjusted trial balance for Musical Sensations after its second year of operations follows: MUSICAL SENSATIONS Work Sheet December 31, 2020 Unadjusted

image text in transcribed
image text in transcribed
image text in transcribed
The December 31, 2020, unadjusted trial balance for Musical Sensations after its second year of operations follows: MUSICAL SENSATIONS Work Sheet December 31, 2020 Unadjusted Trial Balance Account Debit Credit Cash $ 7,600 Accounts receivable office supplies 14,300 800 126,000 Musical equipment $ 21,700 Accumulated depreciation, musical equipment Accounts payable Unearned performance revenue Jim Daley, capital 4,300 12,500 155,410 Jim Daley, withdrawals 52,100 Performance revenue 139,000 87,000 Salaries expense Travelling expense Totals 45,110 $332-910 $332,910 Following are the additional information: a. A review of the Unearned Performance Revenue account revealed a balance remaining of $9,275 b. Annual depreciation on the musical equipment is $21,700. c. Accrued salaries at December 31 totalled $6,200. d. It was determined that $655 of the balance in the Office Supplies account had been used Required: 1-3. Use the above information to complete the work sheet Account Cash Accounts receivable Office supplies Musical equipment Accumulated depreciation musical equipment Accounts payable Uneamed pedomance revue Jm Daley capital Jim Daley, withdrawals Perhumance revenue Salaries expone Traveling expe Totals Depreciation experiment Suturies payalia Once supples expense Totals Totals Unadjusted Trial Balance 7.600 14.300 300 126.000 21.700 4,300 12.500 156.410 52.100 139 000 67,000 45,110 S 332 910332,910 S Debit Cedil MUSICAL SENSATIONS Work Sheet December 31, 2020 Adjustments Debit $ 0$ Credit Adjusted Trial Balanc Debit Cred S 05 3 income Sement Debit Crede as 0. Balance Sheet & Statement of Changes in Equity Debit Cred 25 A Office supplies expense Totals S 0$ 0$ 05 Totals 4. Calculate the balance in the capital account as it would appear on the December 31, 2020, balance sheet Balance in the capital account 0$ 05 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Production And Operations Analytics

Authors: Steven Nahmias, Tava Lennon Olsen

8th Edition

1478639261, 9781478639268

More Books

Students also viewed these Finance questions