2019-1-ACCT1000-007 PRI Expired - UM Portal Netflix value: 100.00 points Problem 5.6A Short Comprehensive Problem Including Both Adjusting am Brushstroke Art Studio, Limited, provides quality instruction to aspiring artists. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studio's unadjusted trial balance dated December 31, 2013. BRUSHSTROKE ART STUDIO LIMITED Unadjusted Trial Balance December 31, 2013 Debits $ 22,380 71,250 6,000 2,500 96,000 Credits Cash Client fees receivable Supplies Prepaid studio rent Studio equipment Accumulated depreciation: studio equipment Accounts payable Note payable Interest payable Uneaned client fees Income taxes payable Share Capital Retained eamings Client fees earned Supplies expense Salary expense Interest expense Studio rent expense Utilities expense Depreciation expense: studio equipment Income taxes expense $ 52,000 6,420 24,000 480 8,000 5,000 50,000 20,000 82,310 4,000 17,250 480 11,250 3,300 8,800 5,000 $248,210 $248,210 Other Data 1. Supplies on hand at December 31, 2013, total $1,000. 2. The studio pays rent quarterly (every three months). The last payment was made November 1, 2013. The next payment will be made early in February 2014 3. Studio equipment is being depreciated over 120 months (10 years). 4. On October 1, 2013, the studio borrowed $24,000 by signing a 12-month, 12 percent note payable. The entire amount, plus interest, is due on September 30, 2014 5. At December 31, 2013, $3,000 of previously uneamed client fees had been earned. 6. Accrued, but unrecorded and uncollected client fees eamed total $690 at December 31, 2013. 7. Accrued, but unrecorded and unpaid salary expense totals $750 at December 31, 2013. 8. Accrued income taxes expense for the entire year ending December 31, 2013, total $7,000. The full amount is due early in 2014. a-1 Prepare the necessary adjusting jounal entries on December 31, 2013. (Omit the "$" sign in your response.)