Unadjusted Trial Balance

Rose Temple, Piano teacher

December $31,2023$

Debit Credit

Cash $$10,776\mathrm{.}62$

Accounts Recievable $690\mathrm{.}00$

Inventory $182\mathrm{.}00$

Office supplies $949\mathrm{.}95$

Digital piano $5,820\mathrm{.}00$

Owner's Drawings $25,172\mathrm{.}00$

Advertising expense $2,259\mathrm{.}50$

Repairs expense $523\mathrm{.}06$

Accounts payable $$538\mathrm{.}41$

Unearned revenue $5,208\mathrm{.}00$

Sales revenue $1,495\mathrm{.}00$

Owner's equity $5,050\mathrm{.}00$

Prepaid rent $3,600\mathrm{.}00$

Computer Equipment $1,800\mathrm{.}00$

Acc. Depreciatiopn computer $50\mathrm{.}00$

Interest payable $-$

Bank loan payable $4,700\mathrm{.}00$

Lesson revenue $43,500\mathrm{.}00$

COGS $806\mathrm{.}00$

Accounting expense $2,200\mathrm{.}00$

Bank charges expense $121\mathrm{.}28$

Interest expense $141\mathrm{.}00$

Rent expense $5,500\mathrm{.}00$

$$60,541\mathrm{.}41$ $$60,541\mathrm{.}41$

PART $5$

Note to students: Ensure that you make all your corrections to your Part $4$ work

before starting Part $5.$ You will be using the same Excel worksheets for Part $5$

as you used for Part $4.$ That is$,$ you will just continue with the same general

journal and same general ledger.

On January $2,2024,$ you receive the following email from your supervisor:

Hi $[$Student Name$],$

Based on discussions I had with Rose, the following information is available

to you. Please record the adjusting journal entries using this information.

$(1)$ December $31$: As at December $31,$ the following students had received

lessons that they have not yet paid for:

Student Amount owing

Mr$.$ Johnson $$54\mathrm{.}00$

Mr$.$Saunders $27\mathrm{.}00$

Ms$.$ McVey $54\mathrm{.}00$

$(2)$ Rose has indicated the she had office supplies costing $$00\mathrm{.}00$ on hand

at December $31$ base on her count of the supplies.

$(3)[$Make the adjusting entry for prepaid rent.$]$

$(4)$ The $2023$ depreciation expense on property, plant, and equipment has

been correctly calculated $($by your supervisor$)$ at the following amounts

Computer equipment $$597$

Pianos $306$

$(5)$ All of the unearned lesson revenue has been earned by December $31.$

$(6)[$Accrue $$000$ for bookkeeping$/$accounting fees for December.$]$

$(7)[$Accrue interest expense on the bank loan for December. The

calculation is:

Dec$\mathrm{.}1$ loan balance X $8\mathrm{.}0\%/12$

NOTE: Dec. $1$ loan balance is AFTER the December $1$ loan payment

$(8)$ Once you have journalized the above adjusting entries, you must prepare the

December $31$ bank reconciliation. You will need the $2$ files that are

attached to this email $($attachments are below$]$

Sincerely,

$[$Professor Name$]$

Attachment #$1$

The completed November $30$ bank reconciliation

Rose Temple Piano Teacher

Bank Reconciliation

November $30,2023$

Balance per bank statement...................... $$13,266\mathrm{.}58$

Less: Outstanding cheques:

Repairs Exp. #$215..........$ $$59\mathrm{.}61$

Advertising Exp #$216..........108\mathrm{.}25167\mathrm{.}86$

Balance per general ledger Cash acct..... $$13,098\mathrm{.}72$

Attachment #$2$

The Bank Statement for December, $2023$

CIBC

Statement of Current Account for Rose Temple Piano Teacher

For Month of December $2023$

Date Item Debit Credit Balance

Nov$30$ Balance $13,266\mathrm{.}58$

Dec$1$ Auto $229\mathrm{.}3313,037\mathrm{.}25$

Dec$5$ Dep $92\mathrm{.}0013,129\mathrm{.}25$

Dec$6$ Ch $2174,320\mathrm{.}008,809\mathrm{.}25$

Dec$6$ Dep $4,644\mathrm{.}0013,453\mathrm{.}25$

Dec$13$ Ch $21557\mathrm{.}6113,395\mathrm{.}64$

Dec$20$ WD $2,500\mathrm{.}0010,895\mathrm{.}64$

Dec$27$ Ch $219232\mathrm{.}1010,663\mathrm{.}54$

Dec$31$ SC $14\mathrm{.}5010,649\mathrm{.}04$

Part $5$ instructions continued:

$(9)$ Next, record the last adjusting entry, resulting from your bank reconciliation.

$(10)$ Finally, post your adjusting entries to the general ledger and prepare

the adjusted trial balance at December $31,2023.$