Fill out the balance sheet with the following information provided: I understand that assets--cash, supplies, prepaid, etc, go on a balance sheet but I am confused as to where I am going wrong. What am I missing? Below you will see the information I have scored successfully followed by the Balance sheet I have not. Mercy Art Center (MAC) provides training to individuals who pay tuition directly to the school. MAC also offers training to groups in off-site locations. MAC initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items

1. An analysis of MACs insurance policies shows that $3,203 of coverage has expired.
2. An inventory count shows that teaching supplies costing $2,776 are available at year-end.
3. Annual depreciation on the equipment is $12,814.
4. Annual depreciation on the professional library is $6,407.
5. On September 1, MAC agreed to do five training courses for a client for $2,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $11,000 cash in advance for all five training courses on September 1, and MAC credited Unearned Revenue.
6. On October 15, MAC agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $10,250 of the tuition revenue has been earned by MAC.
7. MACs two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
8. The balance in the Prepaid Rent account represents rent for December.

Unadjusted Trial Balance December 31 Credit Debit $ 27,849 10, 710 16,068 2,143 32,133 $ 9,641 105,000 17,139 22,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 11,000 37,496 78,000 42,845 109,254 40,702 51,415 23,573 7,498 5,998 $ 325, 232 $ 325, 232 Income Statement For Year Ended December 31 Revenues Tuition revenue Training revenue $ 119,504 45,102 $ 164,606 >>> Total revenues Expenses Advertising expense Depreciation expense-Equipment Depreciation expenseProfessional library Insurance expense Salaries expense Utilities expense Rent expense Teaching supplies expense 7,498 12,814 6,407 3,203 51,815 5,998 25,716 7,934 Total expenses Net income 121,385 43,221 Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end Add: Net income $ 78,000 43,221 121,221 42,845 $ 78,376 Less: Dividends Retained earnings, December 31 current year end Balance Sheet December 31 Assets $ Cash Accounts receivable 27,849 10,250 2,776 12,865 Teaching supplies Prepaid insurance Prepaid rent 0 0 0 Total assets $ 53,740 Liabilities $ Accounts payable Salaries payable Unearned revenue 22,000 400 6,600 Total liabilities 29,000 Equity Common stock Retained earnings 37,496 78,376 Total equity Total liabilities and equity 115,872 144,872 $ $