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Given Data: After five years of operations, Svenson's Tutoring Clinic showed the following post-closing balances at December 31, 2019. Cash 3,000 Accounts Receivable 5,500 Prepaid
Given Data: After five years of operations, Svenson's Tutoring Clinic showed the following post-closing balances at December 31, 2019. Cash 3,000 Accounts Receivable 5,500 Prepaid Rent 3,500 Office Equipment 25,000 Accumulated Depreciation, Office 15,000 Unearned Revenue 4,100 Leda Svenson Capital 17,900 Leda Svenson Withdrawals 0 Tutoring Revenue 0 Rent Expense 0 Depreciation Expense 0 Advertising Expense 0 Required: Preparation Component: 1 Journalize and post the following transactions that occurred during 2020. a. On Jan 15, provided $ 10,000 of tutoring services on account. b. On Feb 20, paid $ 2,500 for advertising that appeared in today's newspaper. c. On July 7, collected $ 11,000 from credit customers. d. On Dec 10, the owner withdrew $4,000 cash for personal use. 2 Prepare an unadjusted trial balance as at December 31, 2020. 3 Journalize and post the adjusting entries on December 31, 2020, based on the following additional information: a. Annual depreciation on the office equipment is $ 2.500. b. $3,400 of the balance in unearned revenue has been earned. c. The entire balance in prepaid rent has expired. 4 Prepare an adjusted trail balance at December 31, 2020. 5 Prepare an income statement, statement of changes in equity, and classified balance sheet
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