help please
Happy Dancing provides dance lessons to students. Some students pay in advance for lessons; others are billed after lessons have been provided. Advance payments are credited to an account entitled Unearned Revenue. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated 31/12/2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Instructions (a) For each of the numbered paragraphs, prepare the necessary adjusting entries (including an explanation). (1*10 marks) (b)Prepare the Adjusted Trial Balance as at 31/12/2019. (10 marks) (c) From the adjusted trial balance prepared in part (d), prepare an Income Statement for the year ended 31.12.2019. (10 marks) (d)Prepare the Balance Sheet as at 31/12/2019. (10 marks) Other Data 1. Records show that $1 800 of cash receipts originally recorded as unearned revenue had been earned as of December 31. 2. The company purchased a 12-month insurance policy on 01/08/2019, for $6,000. 3. Sheet music and dancing supplies on hand at 31/12/2019 amount to $400. 4. On 01/10/2019, the company paid $12,000 for rent through 31/03/2020. 5. All dancing equipment was purchased when the business was first formed. Its estimated life at that time was 5 years (or 60 months). 6. Accrued but unrecorded lesson revenue earned as of 31/12/2019, amounts to $3,400. 7. On November 01/11/2019 the company borrowed $5,000 by signing a three-month, 6% notes payable. The entire note, plus three months' accrued interest, is due on 01/02/2020. 8. Accrued but unrecorded salaries at 31/12/2019 amount to $3,500. 9. Estimated income taxes expense for the entire year totals $22,000. Taxes are due in the first quarter of 2020. Happy Dancing provides dance lessons to students. Some students pay in advance for lessons; others are billed after lessons have been provided. Advance payments are credited to an account entitled Unearned Revenue. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated 31/12/2019, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2019, but not for December.) Instructions (a) For each of the numbered paragraphs, prepare the necessary adjusting entries (including an explanation). (1*10 marks) (b)Prepare the Adjusted Trial Balance as at 31/12/2019. (10 marks) (c) From the adjusted trial balance prepared in part (d), prepare an Income Statement for the year ended 31.12.2019. (10 marks) (d)Prepare the Balance Sheet as at 31/12/2019. (10 marks) Other Data 1. Records show that $1 800 of cash receipts originally recorded as unearned revenue had been earned as of December 31. 2. The company purchased a 12-month insurance policy on 01/08/2019, for $6,000. 3. Sheet music and dancing supplies on hand at 31/12/2019 amount to $400. 4. On 01/10/2019, the company paid $12,000 for rent through 31/03/2020. 5. All dancing equipment was purchased when the business was first formed. Its estimated life at that time was 5 years (or 60 months). 6. Accrued but unrecorded lesson revenue earned as of 31/12/2019, amounts to $3,400. 7. On November 01/11/2019 the company borrowed $5,000 by signing a three-month, 6% notes payable. The entire note, plus three months' accrued interest, is due on 01/02/2020. 8. Accrued but unrecorded salaries at 31/12/2019 amount to $3,500. 9. Estimated income taxes expense for the entire year totals $22,000. Taxes are due in the first quarter of 2020
