1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to his college (half for fall 2020 and half for spring 2021). Provide all necessary journal entries for the student in 2020.

2. The following trial balance was taken from the books of Fisk Corporation on December 31, 2019.

Account Debit tCredit

Cash $ 8,000

Account Receivable 40,000

Notes receivable 10,000

Allowance for Doubtful Accounts $ 1,800

Inventory 44,000

Prepaid Insurance 4,800

Equipment 110,000

Accumulated Depreciation-Equip 15,000

Account Payable 9,800

Common Stock 44,000

Retained Earnings 55,000

Sales Revenue 280,000

Cost of goods sold 126,000

Salaries and wages Expense 50,000

Rent Expense 12,800

Totals $405,600 $405,600

At year end, the following items have not yet been recorded.

a. Insurance expired during the year, $2,000.

b. Estimated bad debts, 1% of sales revenue.

c. Depreciation on equipment, 5% per year on original cost.

d. Interest at 5% is receivable on the note for one full year.

e. Rent paid in advance at December 31, $5,400 (originally charged to expense).

f. Accrued salaries and wages at December 31, $5,800.

Required:

(a) Prepare the necessary adjusting entries.

(b) Calculate the ending balance of retained earnings.

will you please explain, thank you