Closing Entries
	Scorpio Travel adjusts its books each month and closes its books on December 31 each year. The trial balance at January 31, 2023, before adjustments, follows:
			Debit	Credit
		Cash	3,300
		Supplies	2,700
		Unexpired Insurance	6,300
		Equipment	36,000
		Accumulated Depreciation: Equipment	$9,000
		Unearned Admission Revenue		6,000
		Capital Stock		7,500
		Retained Earnings, January 1, 2009		21,600
		Admissions Revenue		13,800
		Salaries Expense	4,050
		Utilities Expense	2,850
		Rent Expense	2,700
			57,900	$57,900
1 Refer to the above data. According to attendance records, $4,800 of the Unearned Admission Revenue has been earned in January. Compute the balance in the following accounts after the proper adjustment is made.
	Unearned Admission Revenue account balance	$
	Admission Revenue account balance	$
2 Refer to the above data. At January 31, the amount of supplies still on hand was determined to be $675. What amount should be reported in the January income statement for supplies expense?
		$
3 Refer to the above data. The equipment has an original useful life of eight years. Compute the book value of the equipment at January 31 after the proper January adjustment is recorded.
		$
4 Refer to the above data. $900 is owed to employees for work since the last payday in January, to be paid the first week of February. What is the effect on January net income if the accountant fails to make any January 31 adjustment for this item? Type your answer in the box below:
5 Refer to the above data. On June 1, 2022, the park purchased a 12-month insurance policy. (a) Give the adjusting entry to record insurance coverage expiring in January. (b) How much unexpired insurance is remaining after January 31, 2023 (Hint: The company adjusts its books on a monthly basis. So, how much of the insurance premium is expensed each month [convert asset to expense])
	(a)				Debit	Credit
	Debit
			Credit
	(b)