calculations needed

calculations needed

The solution blem 3-118 Adjusting entries (annual) LO4 Skate Training prepares adjustments annually and showed the following on its June 30, 2020. year-end: 152 Skate Twing Unausted Triatlete 3152 Skate Training Adjustments Dr. ce Maurtes Trace CE 30, 2020 Unadjusted Trance Dt. CH $112.000 28.000 2.900 182.000 428.000 Account 7 Casa 8 Accounts receivable Repair supplies 10 Prepaid arena renta 11 Skate equipment 12 Accumulated depreciation, skate equipment 13 Accounts payable 4 Uneamed training me Notes payable 6 Ben Gibson, capital 7 Ben Gibson, withdrawats Training revenue Salaries expenso Nena rental expense Other expenses Totals $164.000 400 19.600 160.000 451.400 72.000 530.000 350.000 168.000 7.600 $1.350.400 $1,350,400 For Part 1, your instructor may ask you to set up T-accounts instead of balance column accounts. The solution is available in both formats. Problem 3-11B Adjusting entries (annual) LO4 B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2020, year-end: Home B52 Skate Training Unadjusted Trial Balance.xlsx Page Layout Formulas Data Review View Insert P18 D G B B52 Skate Training Unadjusted Trial Balance June 30, 2020 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Dr. Cr. Cr. Dr. BBB.COWN Dr. $ 112.000 28.000 2,800 182,000 428,000 5 6 Account 7 Cash 8 Accounts receivable 9 Repair supplies 10 Prepaid arena rental 11 Skate equipment 12 Accumulated depreciation, skate equipment 13 Accounts payable 14 Unearned training revenue 15 Notes payable 16 Ben Gibson, capital 17 Ben Gibson, withdrawals 18 Training revenue 19 Salaries expense 20 Arena rental expense 21 Other expenses 22 Totals $ 164,000 5,400 19,600 160,000 451,400 72,000 550,000 350,000 168,000 7,600 $1,350,400 $1,350,400 Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena. b. A count of the Repair Supplies at year-end revealed that $1,900 had been used. c. Annual depreciation of the skate equipment was $82,000. d. A review of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not yet been earned. e. Accrued salaries of $58,000 had not been recorded at year-end. f. Interest of $1,800 had accrued regarding the Notes Payable. g. On June 5, 2020, cash of $92,000 was received for 2020/2021 training sessions (lessons begin in October). This amount is included in the Training Revenue balance. Required Prepare the annual adjusting entries on June 30, 2020, for each of (a) through (g) above. 225 The solutions blem 3-118 Adjusting entries (annual) LO4 Skate Training prepares adjustments annually and showed the following on its June 30, 2020, year-end: ns2 Skate Ting Unsusted Triatlete 1152 Skate Training Adjustments Dr. ce Maurtes Trace De 30, 2020 Unadjusted Trance Dt. CE $112.000 28,000 2.800 182.000 428.000 Account 7 Cars B Accounts receivable Repair supplies 10 Prepaid arunaren 11 Skate equipment 12 Accumulated depreciation, skate equipment 13 Accounts payable 4 Unearned training venue Notes payable 6 Ben Gibson, capital 7 Ben Gibson, withdrawats Training revenue Salaries expenso Nena rental expenso Other expenses Totals $164.000 6400 19.600 160.000 451.400 72.000 550.000 350.000 168.000 7.600 $1.350.400 $1,350,400