ACCT 201 GBC Fake Sale Realty Company Trial Balance & Balance Sheet Excel Worksheet

Question Description

Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

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Here is the problem:

The following unadjusted trial balance and additional data are for Fake Sale Realty Company, as of December 31, 2020:

	Debit	Credit
Cash	34,000
Accounts Receivable	3,570
Supplies on Hand	1,590
Prepaid Rent	26,040
Equipment	94,500
Accumulated Depreciation		17,600
Accounts Payable		30,600
Capital Stock		40,000
Retained Earnings, Jan. 1, 2020		21,000
Dividends	4,000
Commissions Revenue		246,000
Salaries Expense	190,330
Misc. Expense	1,170
Totals	355,200	355,200

Here is the information needed for the adjustment:

1. The prepaid rent shown on the trial balance if for the six-month period from November 1, 2020 to April 30, 2021.

2. The equipment was purchased in a previous year, had an estimated life of 10 years at the time of purchase, has an expected salvage value of $5,000, and is being depreciated using the straight-line method.

3. Salaries earned by employees the last few days of 2020, but unpaid as of Dec. 31, 2020 amount to $1,400.

4. A physical count of the supplies on hand as of December 31, 2020 revealed that $690 were remaining.

Required: Complete the worksheet for the year ended Dec. 31, 2020.

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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.

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