Fred Schwartz Dance Studio, Inc. adjusts its accounts monthly. This is the studios unadjusted trial balance dated December 31, 2002.

FRED SCHWARTZ DANCE STUDIO, INC.

Trial Balance

December 31, 2002

Debits Credits

Cash....................................................................................... $ 10,800

Clients fees receivable.......................................................... 58,000

Supplies.................................................................................. 7,000

Prepaid studio rent................................................................. 5,000

Studio equipment................................................................... 96,000

Accumulated depreciation: studio equipment....................... $ 45,000

Accounts payable................................................................... 7,000

Notes payable........................................................................ 25,000

Interest payable...................................................................... 500

Unearned client fees.............................................................. 10,000

Income taxes payable............................................................. 3,000

Capital stock.......................................................................... 70,000

Client fees earned.................................................................. 87,000

Supply expense...................................................................... 6,000

Salary expense....................................................................... 19,000

Interest expense .................................................................... 500

Studio rent expense............................................................... 26,000

Utilities expense..................................................................... 4,200

Depreciation expense: studio equipment............................... 9,000

Income taxes expense............................................................ 6,000 ________

$247,500 $247,500

Other data

1. Supplies on hand at December 31, 2002, total $2,500.
2. The studio pays rent quarterly (every 3 months). The last payment was made November 1, 2002. The next payment will be made early in February 2003.
3. Studio equipment is being depreciated over 96 months (8 years).
4. $250 Interest is yet to be paid.
5. At December 31, 2002, $4,000 of previously unearned client fees had been earned.
6. Accrued, but unrecorded and uncollected client fees earned total $700 at Dec 31
7. Accrued, but unrecorded and unpaid salary expense totals $900 at December 31.

Required: 1) Prepare a 10-column work sheet utilizing the trial balance and adjustments shown above. .2) Also adjusting and closing entries