Adjusted Trial Balance Credit a) An analysis of the Institutes insurance policy shows that $6.400 of coverage has expired b) An inventory count shows that teaching supplies costing $2,500 are available at year end c) Annual depreciation on the equipment is $4,000 d) Annual depreciation on the professioanl library is $2,000 e) On November 1, the Institute agreed to do a special four-month course (starting immediately) for a client. The contract calls for a $4,600 monthly fee, and the client paid the first two months fees in advance. When the case was receieved, the Unearned Training Fees account was credited. The last two months fees will be recorded when collected next year 1) On October 15, the Institute agreed to teach a four-month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received g) The Institutes only employee is paid weekly. As at the end of the year, three days salaries have accrued at the rate of $180 per day b) The balance in the Prepaid Rent account represents rent for December TASK Prepare the "Adjustments", and the "Adjusted Trial Balance" Prepare the post-closing entries Prepare the post-closing Trial Balance ALCORN INSTITUTE Trial Balance December 31, 2015 Unadjusted Trial Balance Adjustments Debit Credit Debit Credit Debit 50,000 Account Tale Cash Accounts Receivable Teaching Supplies 60,000 Prepaid Insurance 18,000 Prepaid Rent 2,600 Professional Library 10,000 Accum. Depr. - Prof. Library 1,500 Equipment 30,000 Accum. Depr.- Equipment 16,000 Accounts Payable Salaries Payable 12,200 Unearned Training Fees 27,600 68,500 20,000 105,000 62,000 M. Alcorn, Capital M. Alcorn, Withdrawals Tuition Fees Eamed Training Fees Earned Depr. Exp-Prof. Library Depr. Exp - Equipment Salaries Expense 43,200 Insurance Expense Rent Expense 28,600 Teaching Supplies Expense Advertising Expense 18,000 Utilities Expense 12,400 Totals 292,800 292,800