FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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help please answer this with compulsory explanation , computation , narration for each parts and steps clearly in detail answer in text form no copy paste

a A review of the $18,500 unadjusted balance in the prepaid rent account shows a remaining balance of $15,750 at the end of the month
b. The monthly depreciation on the building is $260
c. Unrecorded and uncollected consulting fees at the end of the month were $6,750
d Vision Consulting Inc. purchased equipment at the start of the month. The equipment cost $9,000 and is expected to be worthless at the end of its five-year life
e. $5,000 of the $6,250 rent paid to Vision Consulting Inc. in advance has not yet been earned.
f Interest of $280 has accrued on a note payable but is unrecorded.
g. Interest of $310 on notes receivable is unrecorded and unpaid
h. A review of the $3,300 unadjusted balance in the supplies account shows a balance on hand at the end of the month of $3,100.
Vision Consulting Inc.
Trial Balance
December 31, 2023
Unadjusted
Trial
Adjusted
Trial
Balance
Adjustments
Balance
Account
Dr
Cr.
Dr.
Cr.
Dr.
Cr.
Accounts payable
450
Accounts receivable
0
Accumulated depreciation, building
9,400
Accumulated depreciation, equipment
2,500
Building
43,000
Cash
63,320
Consulting revenue earned
10,800
Depreciation expense, building.
0
Depreciation expense, equipment
0
Equipment
9,000
Interest earned
9,600
Interest expense
10,900
Interest payable
0
Interest receivable.
0
Notes receivable
14,500
Prepaid rent
18,500
Rent earned
14,200
Rent expense
3,800
Retained earnings
370
Share capital
114,900
Short-term notes payable
10,000
Supplies
3,300
Supplies expense
11,700
Unearned rent
6,250
Utilities expense
450
Totals
178,470 178,470
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Transcribed Image Text:a A review of the $18,500 unadjusted balance in the prepaid rent account shows a remaining balance of $15,750 at the end of the month b. The monthly depreciation on the building is $260 c. Unrecorded and uncollected consulting fees at the end of the month were $6,750 d Vision Consulting Inc. purchased equipment at the start of the month. The equipment cost $9,000 and is expected to be worthless at the end of its five-year life e. $5,000 of the $6,250 rent paid to Vision Consulting Inc. in advance has not yet been earned. f Interest of $280 has accrued on a note payable but is unrecorded. g. Interest of $310 on notes receivable is unrecorded and unpaid h. A review of the $3,300 unadjusted balance in the supplies account shows a balance on hand at the end of the month of $3,100. Vision Consulting Inc. Trial Balance December 31, 2023 Unadjusted Trial Adjusted Trial Balance Adjustments Balance Account Dr Cr. Dr. Cr. Dr. Cr. Accounts payable 450 Accounts receivable 0 Accumulated depreciation, building 9,400 Accumulated depreciation, equipment 2,500 Building 43,000 Cash 63,320 Consulting revenue earned 10,800 Depreciation expense, building. 0 Depreciation expense, equipment 0 Equipment 9,000 Interest earned 9,600 Interest expense 10,900 Interest payable 0 Interest receivable. 0 Notes receivable 14,500 Prepaid rent 18,500 Rent earned 14,200 Rent expense 3,800 Retained earnings 370 Share capital 114,900 Short-term notes payable 10,000 Supplies 3,300 Supplies expense 11,700 Unearned rent 6,250 Utilities expense 450 Totals 178,470 178,470
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