4 15 Saints PocRim Careers provides training to individuals who pay tultion directly to the business. The business also offers extension training to groups in off-site locations. Additional Information available at the December 31, 2020 year-end follows: a. An analysis of the company's policies shows that $1.170 of insurance coverage has expired. b. An Inventory shows that teaching supplies costing $370 are on hand at the end of the year. The estimated annual depreciation on the equipment is $7,000 d. The estimated annual depreciation on the professional library is $4,940. e. The school offers off-campus services for specific employers. On November the company agreed to do a special sb-month course for a client. The contract calls for a monthly fee of $770, 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 $1,120 tuition per month payable at the end of the class. The services to date have been provided as agreed, but no payment has been received. 9. 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 month December, January, and February wback Pm Bences Adjustment DES Adjusted , Trial Balance BE CE Cah) TARIK CAREERS Trial Balance December 31, 2020 Unedjusted Teinl aalance MORE DK 17,200 Monte receivable 0 Teaching supplies 5,700 Prepale aanan) 1,320 Prepaid rent 6,000 Professional library 55,200 Amated depreciation, professional Hibrary $ 16,560 quipment 04.000 Aerulated depreciation, squipent 28.000 hosts payable 2.100 Balerina payable 0 Une red win revenge 5.500 Karoo Ahuwak. capital 221,000 Karoo Asheve, withdrawala 88,000 Tullie revenge 177,360 Extension revine 64,500 Depreciation expense, quiet Depreciation expense, professional Library salaries expense 190,000 There expense 36,000 Teaching applies expense Advertising expense 13,200 Utilitin e 10,400 Totale 6515,020 9515,020 t expense Me G 4 Required: 1. Prepare the necessary annual adjusting journal entries at December 31, 2020, based on (a) to (h) above. 15 points View transaction list alo 1 Record the cost of insurance expired during the year. Print 2 Record the cost of supplies used during the year > Record the equipment depreciation expense. References 4 Record the professional library depreciation expense. Credit 5 Record the entry to adjust the unearned extension revenue account 6 Record the amount of tuition revenue earned. 7 Record the accrued salaries expense. Note: - Journal entry has been entered Racord entry Clear entry View general journal Analysis Component 2. Complete the adjusted trial balance using the information in (a) through (h) above. PACRIM CAREERS Trial Balances 22 4 Analysis Component: 2. Complete the adjusted trial balance using the information in (a) through th) above. 5 points Adjustments De Cr. Adjusted Trial Balance Dr Cr. $ PACRIM CAREERS Trial Balances December 31, 2020 Unadjuntod Trial Balance Dr. Ct. 17,200 0 5.700 1,320 6,000 55,200 $ 16.580 84.000 28,000 2.100 Dudents 0 Account Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professionsbrary Accumulated depreciation, professional library Equipment Accumulated deprecation, equipment Accounts payable Salaries payable Uneamed extension revenue Karoo Ashevak, capital Karoo Ashevik, wiedrawals Tuition revenue Extension revenue Depreciation expense, equipment Deprnciation expense, professional library Sulare expense Insurance expense Rent expense Teaching supplies expense Advertising ponse Uticas experien Totais 5.500 221,000 88,000 177,360 54,500 ole 198,000 0 36,000 0 13,200 10,400 5 516.020 $ 615,020 S 0$ os 0 S 0