Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The March 3 1 , 2 0 2 3 , unadjusted trial balance for Silva Rentals after its first year of operations is shown below.Silva

The March 31,2023, unadjusted trial balance for Silva Rentals after its first year of operations is shown below.Silva RentalsUnadjusted Trial BalanceMarch 31,2023Unadjusted TrialBalanceDr.$7,40031,4002,45048,00016,400220,00043,00010,000cr.No.Account101 Cash110 Rent receivable124 Office supplies141 Notes receivable, due 2026161 Furniture173 Building183 Land191 Patent201 Accounts payable252 Long-term note payable301 Stephen Silva, capital302Stephen Silva, withdrawals406Rent revenue620 Office salaries expense633 Interest expense655 Advertising expense673 Janitorial expense690 Utilities expense$14,150179,00097,250332,80094,00054,0005,65015,00041,40034,500Check my workAdditional information:e. It was determined that the balance in the Rent Receivable account at March 31 should be $36,800.b. A count of the office supplies showed $1,990 of the balance had been usedc. Annual depreciation on the building is $25,400 and $3,900 on the furnitured. The two part-time office staff members each get paid $180 per day, for every day they work in the pay period. They are paid on the1st and 15th of each month. At March 31, each worker had worked 6 days and will be paid on April 1.e. A review of the balance in Advertising Expense showed that $2,600 was for advertisements to appear in the April issue ofCanadian Business magazine.f. Accrued utilities at March 31 totalled $2,820.g. March interest of $445 on the long-term note payable is unrecorded and unpaid as of March 31.Required:1.-3. Use the above information to complete the work sheetSILVA RENTALSWork SheetFor Year Ended March 31,2023AdjustmentsAccountUnadjusted Trial BalancenahitAdjusted Trial BalanceNahitCronthIncome Sintervent

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_2

Step: 3

blur-text-image_3

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions

Question

2. Darwins notes in biology.

Answered: 1 week ago

Question

25.0 m C B A 52.0 m 65.0 m

Answered: 1 week ago