3-6A
the revenue accrued on Ragwird Using the information provided above, pe icing with the appropriate subsequent cash entries The business Problem 3-6A Adjusting entre Adjusting entries (annual adjusted trial balance L04. 6 ce L04,6 excel 4 sation available at the December Pac Rim Careers provides CHECK FIGURE 2 Acusted Trial Balance, debit-$572.520 Careers provides training to individuals who pay tuition directly to the business. The e extension training to runs in telesations. Additional info 2020. year-end follows: a. An analysis of the company's poli As are on hand at the end of the year. An inventory shows that teaching supplies costing $150 alysis of the company's policies shows that $1.250 of insurance coverage has expired Packin Care Thal Balance PR Careers Adjustments Adjusted Trial Balance Dt. Ce Cr. Ct. $18.000 6,500 1.400 7.200 60,000 $18.000 46,000 32.000 2.500 6,300 224,000 7 Cash 8 Accounts receivable 9 Teaching supplies 10 Prepaid insurance 11 Prepaid rent 12 Professional brary 13 Accumulated depreciation professional library 14 Equipment 15 Accumulated depreciation equipment 16 Accounts payable 17 Salaries payable 18 Uneamed extension revenue 19 Karoo Asheva, capital 20 Karoo Ashevak, withdrawals 21 Tuition revenue 22 Extension revenue 23 Depreciation expense, equipment 24 Depreciation expense, professional library 25 Salaries expense 26 Insurance expense 27 Rent expense 28 Teaching supplies expense 29 Advertising expense 30 Utilities expense 31 Totals 22.000 196,000 72.500 206,000 44,000 14,000 11.200 $ 556,300 $ 556,300 CHAPTER 3 Adjusting Accounts for Financial Statements The estimated annual depreciation on the equipment is $8,000. The estimated annual depreciation on the professional library is $4,500. The school offers off-campus services for specific employers. On November 1, the company agreed to do a special six-month course for a client. The contract calls for a monthly fee of $950, and the client paid the first five months' revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited. On October 15, the school agreed to teach a four-month class for an individual for $1,200 tuition per month pavable at the end of the class. The services to date have been provided as agreed, but no payment has been received The school's two employees are paid weekly. As of the end of the year, three days' wages have accrued at the rate of $120 per day for each employee. h. The balance in the Prepaid Rent account represents the rent for three months: December, January, and February Required 1. Prepare the necessary annual adjusting journal entries at December 31, 2020, based on (a) to (h) above. 10 ning the informa
