CHAPTER 3 Adjusting Accounts for Financial Statements Additional information: a. A review of the Consulting Revenue account showed that $6,400 of the balance has not yet been earnes The balance in the Rent Expense account was paid on January 15, 2020, and represents seven mond rent beginning February 1, 2020 c. It was determined that $1,900 of the balance in the Insurance Expense account was used by March 31,20 Required Refer to Exhibit 3.22 and use the information provided to complete the columns above sary to prepare a corre *Problem 3-16A Recording prepaid expenses and unearned revenues Log excel CHECK FIGURE: Adjusted trial balance, debits = $136,400 Willis Consulting follows the approach of recording prepaid expenses as expenses and unearned revenu revenues. Willis's unadjusted trial balance follows for the year ended March 31, 2020. Willis Consulting Trial Balances.xlsx Home Insert Data Review View P18 Page Layout Formulas x D E F G On A WNH B Willis Consulting Trial Balances March 31, 2020 Unadjusted Trial Balance Dr. Cr. $ 32.000 63.000 Adjustments Dr. Adjusted Trial Balance Dr. Cr. -0. 4 5 6 Account 7 Cash 8 Accounts receivable 9 Prepaid rent 10 Prepaid insurance 11 Accounts payable 12 Uneamed consulting revenue 13 Bruce Willis, capital 14 Consulting revenue 15 Rent expense 16 Insurance expense 17 Totals $ 16,000 -0 38,400 82,000 38,990 2,410 $ 136,400 $ 136,400 An asterisk (*) identifies assignment material based on Appendix 3 or Appendix 28