123456960 P18 7 Cash B C B52 Skate Training Unadjusted Trial Balance - D E G Adjusted Trial Balance June 30, 2020 Unadjusted Trial Balance Adjustments Account Dr. Cr. Dr. Ct. Dr. $112,000 8 Accounts receivable 4 Repair supplies 10 Prepaid arena rental 11 Skate equipment 12 Accumulated depreciation, skate equipment 13 Accounts payable 28,000 2,800 182,000 428,000 $164,000 5,400 14 Unearned training revenue 19,600 15 Notes payable 160,000 16 Ben Gibson, capital 451,400 17 Ben Gibson, withdrawals 72,000 18 Training revenue 550,000 19 Salaries expense 350,000 20 Arena rental expense 168,000 21 Other expenses 7,600 22 Totals $1,350,400 $1,350,400 Cr. Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena. b. A count of the Repair Supplies at year-end revealed that $1,900 had been used. c. Annual depreciation of the skate equipment was $82,000. d. A review of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not yet been earned. e. Accrued salaries of $58,000 had not been recorded at year-end. f. Interest of $1,800 had accrued regarding the Notes Payable. g. On June 5, 2020, cash of $92,000 was received for 2020/2021 training sessions (lessons begin in October). This amount is included in the Training Revenue balance. Required Prepare the annual adjusting entries on June 30, 2020, for each of (a) through (g) above. CHECK FIGURES: 1. Adjustments columns = $372,700; Adjusted trial balance columns = $1,492,200; $334,300 2. Loss Required 1. Using the format presented in Problem 3-11B, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-11B. 2. Prepare an income statement, a statement of changes in equity, and a balance sheet based on the adjusted trial balance completed in Part 1. Assume that the owner, Ben Gibson, made an investment during the year of $20,000. Analysis Component: Assume that total liabilities reported at June 30, 2019, were $90,000. Determine what equity and total assets were on that date and comment on the change in the financial position from 2019 to 2020.