1. Prepared the required adjusting journal entries for items a through h.

2. Prepared the adjusted trial balance

3. Prepared the income statement for the year-end

4. prepared the statement of owner's equity for the year

5. Prepared the balance sheet as of December 31

For the five questions created an entry for each using the information below in the picture.

Following is data for Pitt-Vaughn Academy (PVA). Use the data below to answer each of the enumerated requirements. Pitt-Vaughn Academy (PVA), a school owned by Lily Pitt Vaughn, provides training to individuals who pay tuition directly to the school. PVA also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through that require adjusting entries on December 31. Additional Information Items a. An analysis of PVA's Insurance policies shows that $3,951 of coverage has expired. b. An inventory count shows that teaching supplies costing $4,562 are available at year-end, c. Annual depreciation on the equipment is $14,929 d Annual depreciation on the professional library is $7,464 On September 1, PVA agreed to do five courses for a client. Each course cost $3,100. On September 1, the client paid PVA $15,500. Two of the courses were completed on December 31 of the current year. The remaining three courses will not start until next year. When PVA received the payment on September 1, Unearned Training Fees was credited. f. On October 15, PVA agreed to teach a four-month class, The class began on November 1". The payment for the class is due when the class ends. At December 31, $9,600 of the tuition has been earned by PVA. 8. PVA's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $120 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Last year's Total Assets = $138,290 1. Pitt-Vaughn Academy Unadjusted Trial Balance 31-Dec Debit Credit 31,898 0 15,098 15,806 2,108 31,610 $ 9,484 73,751 16,861 40,584 0 13,500 67,016 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees L. Pitt-Vaughn, Capital L. Pitt-Vaughn, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 42,149 111,457 40,040 0 0 50,579 0 23,188 0 6,854 5,901 298,942 $ $ 298,942