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Problem 3-3B Preparing adjusting entries, adjusted trial balance, and financial statements P1 P2 P3 P4 PS Following is the unadjusted trial balance for Alonzo Institute as of December 31. The Institute provides one-on- one training to individuals who pay tuition directly to the business and offers extension training to groups in off- site locations. Shown after the trial balance are items a through that require adjusting entries as of December 31. ALONZO INSTITUTE Unedsted Trial Balance December 21 Dube $ 60000 4 Accounts receivable Studio 70.000 19.000 B 12000 $ 2500 40 000 20.000 11200 28.600 71500 8 Pred ront Professional 9 Accumulated depreciation Professional library E Accu ed depreciation F 12 Accounts payable Septe Uneamed training for 1 Alonso, Capital Alone Withdrawal lution for med 18 Training foes earned 19 Depreciation expone Professional library 20 Depreciation expense-Equipment 20 Series 22 Insurance expense 23 Rent expense 24 Teaching wupplies expense 2 A rtising expense 26 Uities expense 27 Total 129.200 68.000 44.200 29600 0 19.000 13.400 $331000 Additional Information Page 121 a. An analysis of the Institute's insurance policies shows that $9.500 of coverage has expired. b. An inventory count shows that teaching supplies costing $20,000 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the professional library is $2,400. e. On November 1, the Institute agreed to do a special two-month course (starting immediately) for a client The contract calls for a $14,300 monthly fee, and the client paid the two months' fees in advance. When the cash was received, the Uneamed Training Fees account was credited. f. On October 15, the Institute agreed to teach a four-month class (beginning immediately) to an executive with payment due at the end of the class. At December 31, S5,750 of the tuition has been earned by the Institute. 9. The Institute's only employee is paid weekly. As of the end of the year, three days' salaries have accrued at the rate of S150 per day. h. The balance in the Prepaid Rent account represents rent for December Required 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance. Check (20) Cr. Training Fees Earned, $28,600 2. Prepare the necessary adjusting journal entries for items a through h, and post them to the T-accounts. $ 50 000 9000 19000 3.800 12.000 Accounts S Teaching GP 7 Bry 9Accu eron Professionary Et Ac c o-Equine Accounts payable Septe 14 Unmenges Alone Capital Along withdrawal Toinfos med 28 600 7500 99 200 6000 Depreciation expense Professional Deprem 44.200 29.500 10000 37400 $221000 Additional Information Page 121 a. An analysis of the Institute's insurance policies shows that $9.500 of coverage has expired. b. An inventory count shows that teaching supplies costing $20,000 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the professional library is $2.400. e. On November 1, the Institute agreed to do a special two-month course (starting immediately) for a client. The contract calls for a S14,300 monthly fee, and the client paid the two months' fees in advance. When the cash was received, the Unearned Training Fees account was credited 1. On October 15, the Institute agreed to teach a four-month class (beginning immediately) to an executive with payment due at the end of the class. At December 31, 55,750 of the tuition has been earned by the Institute g. The Institute's only employee is paid weekly. As of the end of the year, three days' salaries have accrued at the rate of S150 per day. h. The balance in the Prepaid Rent account represents rent for December Required 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance. Check (2) Cr. Training Fees Earned, 528,600 2. Prepare the necessary adjusting journal entries for items a through it, and post them to the T-accounts. Assume that adjusting entries are made only at year-end. (21) Cr. Tuition Fees Earned, $5,750 3. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balance. (3) Adi, trial balance totals, $344,600 4. Prepare the company's income statement and statement of owner's equity for the year, and prepare its balance sheet as of December 31. The C. Alonzo, Capital account balance was $71,500 on December 31 of the prior year. (4) Net income, 54,200