a On December 1, 2015, Wolverine receives $2,100 cash from a company that is renting office space from Wolverine The payment, representing rent for December and January, is credited to Unearned Revenue b Wolverine purchases a one year property insurance policy on July 1, 2015, for $10,920 The payment is debited to Prepaid Insurance for the entire amount c Employee salaries of $1,100 for the month of December will be paid in early January 2016 d On November 1, 2015, the company borrows $5,500 from a bank The loan requires principal and interest at 12 to be paid on October 30, 2016 e Office supplies at the beginning of 2015 total $810 On August 15, Wolverine purchases an additional $1,500 of office supplies, debiting the Supplies account By the end of the year, $310 of office supplies remains Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments Theunadjustedtrial balance as of December 31, 2015, appears below December 31 is the company's fiscal year end Accounts Debits Credits Cash $ 8,300 Accounts Receivable 7,500 Supplies 1,000 Prepaid Rent 4,800 Equipment 60,000 Accumulated Depreciation $ 8,000 Accounts Payable 5,700 Salaries Payable 0 Interest Payable 0 Utilities Payable 0 Notes Payable 10,000 Common Stock 25,000 Retained Earnings 9,000 Service Revenue 47,800 Salaries Expense 22,500 Interest Expense 0 Rent Expense 0 Supplies Expense 0 Utilities Expense 1,400 Depreciation Expense 0 Totals $ 105,500 $ 105,500 Information necessary to prepare the year end adjusting entries appears below a Depreciation of equipment for the year is $4,000 b Accrued salaries at year end should be $1,100 c Crimson Tide borrows $10,000 on September 1, 2015 The principal is due to be repaid in four years Interest is payable each August 31 at an annual rate of 9 d Unused supplies at year end total $500 Crimson Tide debits Supplies at the time supplies are purchased e Crimson Tide opens a second studio by purchasing one year of rent in advance on April 1, 2015, for $4,800 ($400 per month) debiting Prepaid Rent f Unpaid utilities for December total $300 The following information applies to the questions displayed below The December 31, 2015, unadjusted trial balance for Demon Deacons Corporation is presented below Accounts Debit Credit Cash $ 8,900 Accounts Receivable 13,900 Prepaid Rent 5,880 Supplies 2,900 Unearned Revenue $ 1,900 Common Stock 12,000 Retained Earnings 4,900 Service Revenue 42,280 Salaries Expense 29,500 $ 61,080 $ 61,080 At year end, the following additional information is available a The balance of Prepaid Rent, $5,880, represents payment on October 31, 2015, for rent from November 1, 2015, to April 30, 2016 b The balance of Unearned Revenue, $1,900, represents payment in advance from a customer By the end of the year, $475 of the services have been provided c An additional $500 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2016 d The balance of Supplies, $2,900, represents the amount of office supplies on hand at the beginning of the year of $1,150 plus an additional $1,750 purchased throughout 2015 By the end of 2015, only $690 of supplies remains

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a. On December 1, 2015, Wolverine receives $2,100 cash from a company that is renting office space from Wolverine. The payment, representing rent for December

On December 1, 2015, Wolverine receives $2,100 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Unearned Revenue.

Wolverine purchases a one-year property insurance policy on July 1, 2015, for $10,920. The payment is debited to Prepaid Insurance for the entire amount.

Employee salaries of $1,100 for the month of December will be paid in early January 2016.

On November 1, 2015, the company borrows $5,500 from a bank. The loan requires principal and interest at 12% to be paid on October 30, 2016.

Office supplies at the beginning of 2015 total $810. On August 15, Wolverine purchases an additional $1,500 of office supplies, debiting the Supplies account. By the end of the year, $310 of office supplies remains.

Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. Theunadjustedtrial balance as of December 31, 2015, appears below. December 31 is the company's fiscal year-end.

Accounts	Debits	Credits
Cash	$	8,300
Accounts Receivable		7,500
Supplies		1,000
Prepaid Rent		4,800
Equipment		60,000
Accumulated Depreciation			$	8,000
Accounts Payable				5,700
Salaries Payable				0
Interest Payable				0
Utilities Payable				0
Notes Payable				10,000
Common Stock				25,000
Retained Earnings				9,000
Service Revenue				47,800
Salaries Expense		22,500
Interest Expense		0
Rent Expense		0
Supplies Expense		0
Utilities Expense		1,400
Depreciation Expense		0

Totals	$	105,500	$	105,500

	Information necessary to prepare the year-end adjusting entries appears below.
a.	Depreciation of equipment for the year is $4,000.
b.	Accrued salaries at year-end should be $1,100.
c.	Crimson Tide borrows $10,000 on September 1, 2015. The principal is due to be repaid in four years. Interest is payable each August 31 at an annual rate of 9%.
d.	Unused supplies at year-end total $500. Crimson Tide debits Supplies at the time supplies are purchased.
e.	Crimson Tide opens a second studio by purchasing one year of rent in advance on April 1, 2015, for $4,800 ($400 per month) debiting Prepaid Rent.
f.	Unpaid utilities for December total $300.

[The following information applies to the questions displayed below.]

The December 31, 2015, unadjusted trial balance for Demon Deacons Corporation is presented below.

Accounts	Debit	Credit
Cash	$	8,900
Accounts Receivable		13,900
Prepaid Rent		5,880
Supplies		2,900
Unearned Revenue			$	1,900
Common Stock				12,000
Retained Earnings				4,900
Service Revenue				42,280
Salaries Expense		29,500

	$	61,080	$	61,080

At year-end, the following additional information is available:

a.	The balance of Prepaid Rent, $5,880, represents payment on October 31, 2015, for rent from November 1, 2015, to April 30, 2016.
b.	The balance of Unearned Revenue, $1,900, represents payment in advance from a customer. By the end of the year, $475 of the services have been provided.
c.	An additional $500 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2016.
d.	The balance of Supplies, $2,900, represents the amount of office supplies on hand at the beginning of the year of $1,150 plus an additional $1,750 purchased throughout 2015. By the end of 2015, only $690 of supplies remains.