Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka Fred) dance studio as of 9 30 2019 Assume all accounts have their normal debit or credit balance Account Amount Account Amount Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation Equipment $16,195 Utilities Expense $2,775 Accounts Payable (A P) $5,901 Depreciation Expense $0 Wages Payable $0 Rent Expense $0 Deferred Revenue $240 Cleaning Expense $9,040 Common Stock $1,259 The following additional information was gathered at September 30, 2019, the end of Just Like Fred Astaires quarterly accounting period Assume Fred uses a quarterly accounting period and all adjustments and adjusting entries are made only at the end of each quarterly accounting period (i e AJEs are only made on March 31, June 30, September 30 and December 31 st ) No adjusting entries have been made yet for the third quarter, ending September 30 th , 2019 related to the below items On August 1, 2019, Fred prepaid $8,700 for the next six months rent, covering the period of August 1, 2019 January 31, 2020 This was recorded as Prepaid Rent Fred last prepaid rent on February 1, 2019 in the amount of $8,400, which covered the six month period of February 1, 2019 July 31, 2019 Fred charges customers $60 for each dance class On September 15 th , Daniel registered for three group classes with Fred One was provided in September, on September 25 th The other two lessons will be provided in the following accounting period, on October 2 nd and October 9 th Daniel will pay for all three classes on October 9 th Fred has not yet billed Daniel for the September class, and no entry related to the September class already provided has been recorded yet Fred purchased a truck for $37,920 on February 1, 2016, which was recorded as Equipment The truck has $0 salvage value, and has an estimated useful life of 8 years Fred uses the straight line depreciation method to allocate the cost of the truck evenly over its eight year useful life Fred pays its workers a total of $8,000 every 2 week pay period Each 2 week pay period includes exactly 10 work days, i e $800 per work day The last cash payment to workers was made on Friday September 20 th for the pay period of September 7 th September 20 th The next cash payment of $8,000 will be made on October 4 th and covers the pay period of September 21 st October 4 th , which includes 6 work days left in September and 4 work days in October Fred charges customers $60 for each dance class On July 28 th , Grace signed up for four separate group dance classes, one which was provided in August, two which were provided in September, and one which will be provided in October Grace prepaid Fred $240 in advance for all four classes on July 28 th which was recorded as Deferred Revenue PART A Record Adjusting Journal Entries (AJEs) Record the five AJEs related to the information above that Fred would make on 9 30 19 Make sure to use proper formatting for all entries, and to include the date of each entry and a brief description of each entry You must show all of your work on calculations PART B Calculate adjusted Net Income for 2019 Calculate the amount of Net Income that Fred would report on its income statement for the period ended September 30, 2019 You must show all of your work on calculations PART C Calculating Net Book Value Calculate the net book value of the equipment that would be reported on the classified Balance Sheet as of 9 30 2019 You must show all of your work on calculations

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Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka Fred) dance studio as of 9/30/2019.

Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka Fred) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance:

Account:	Amount:	Account:	Amount:
Cash	$18,944	Retained Earnings	$41,392
Accounts Receivable (A/R)	$15,088	Service Revenue	$89,430
Prepaid Rent	$10,100	Advertising Expense	$12,550
Equipment	$37,920	Wages Expense	$48,000
Accumulated Depreciation-Equipment	$16,195	Utilities Expense	$2,775
Accounts Payable (A/P)	$5,901	Depreciation Expense	$0
Wages Payable	$0	Rent Expense	$0
Deferred Revenue	$240	Cleaning Expense	$9,040
Common Stock	$1,259

The following additional information was gathered at September 30, 2019, the end of Just Like Fred Astaires quarterly accounting period. Assume Fred uses a quarterly accounting period and all adjustments and adjusting entries are made only at the end of each quarterly accounting period (i.e. AJEs are only made on March 31, June 30, September 30 and December 31^st). No adjusting entries have been made yet for the third quarter, ending September 30^th, 2019 related to the below items:

On August 1, 2019, Fred prepaid $8,700 for the next six months rent, covering the period of August 1, 2019 January 31, 2020. This was recorded as Prepaid Rent. Fred last prepaid rent on February 1, 2019 in the amount of $8,400, which covered the six-month period of February 1, 2019 July 31, 2019.
Fred charges customers $60 for each dance class. On September 15^th, Daniel registered for three group classes with Fred. One was provided in September, on September 25^th. The other two lessons will be provided in the following accounting period, on October 2^nd and October 9^th. Daniel will pay for all three classes on October 9^th. Fred has not yet billed Daniel for the September class, and no entry related to the September class already provided has been recorded yet.
Fred purchased a truck for $37,920 on February 1, 2016, which was recorded as Equipment. The truck has $0 salvage value, and has an estimated useful life of 8 years. Fred uses the straight-line depreciation method to allocate the cost of the truck evenly over its eight-year useful life.
Fred pays its workers a total of $8,000 every 2-week pay period. Each 2-week pay period includes exactly 10 work days, i.e. $800 per work day. The last cash payment to workers was made on Friday September 20^th for the pay period of September 7^th September 20^th. The next cash payment of $8,000 will be made on October 4^th and covers the pay period of September 21^st October 4^th, which includes 6 work days left in September and 4 work days in October.
Fred charges customers $60 for each dance class. On July 28^th, Grace signed up for four separate group dance classes, one which was provided in August, two which were provided in September, and one which will be provided in October. Grace prepaid Fred $240 in advance for all four classes on July 28^th which was recorded as Deferred Revenue.

PART A: Record Adjusting Journal Entries (AJEs) : Record the five AJEs related to the information above that Fred would make on 9/30/19. Make sure to use proper formatting for all entries, and to include the date of each entry and a brief description of each entry. You must show all of your work on calculations.

PART B: Calculate adjusted Net Income for 2019: Calculate the amount of Net Income that Fred would report on its income statement for the period ended September 30, 2019. You must show all of your work on calculations.

PART C: Calculating Net Book Value : Calculate the net book value of the equipment that would be reported on the classified Balance Sheet as of 9/30/2019. You must show all of your work on calculations.