Instructions

This assessment addresses the following course objective(s):

• Describe the three functions of accounting
• Apply the accounting vocabulary
• Record various business transactions in accordance with generally accepted accounting principles.
• Complete the steps of the Accounting Cycle.

Complete the adjusting entries, post them to the general ledger then prepare a trial balance and financial statements.

11:29 1 AC107 Unit 3 Adjusting Entries.xlsx Katy's Cooking School provides training to individuals who pay tuition directly to the school. Kay's also offers training to various groups in off-site locations Starting from the trial balance prepare the desting entries and past them to the general ledger and then prepare an Adjusted Trail Balance and then prepare the financial Statements. Katys Cooking School Unadjusted Trail balance December 31 201X Debit Credit 34,000 0 8,000 12.000 3,000 35,000 10,000 80,000 15,000 26,000 0 12.500 Cash Accounts receivable Teaching supplies Ppd Insurance Ppd Rent Prof Library Accum Depr Lib Equipment Accum Drp Equip Accounts Payable Salaries payable Unearned tn fees Capital Draw Tuition fees earned Training fees camed Depr expense prof library Depr expense equipment Salary expense Insurance expense Rent expense Teach supply expense Advertising expense Utilities expense Totals 90,000 50,000 123.900 40,000 0 0 50,000 0 33,000 0 6,000 6,4001 317,400 317,400 1 Enter the account balances from the trail balance in the General Ledger 2 Journal the following adjusting Entries An analysis of the insurance policies show that S3400 of coverage has expired An inventory count shows that teaching supplies costing S2,800 are available at yow-end. Annual Depecciation on the equipment is $11.200 Annual Depreciation on the professional library is 7200 On Nov Kay agreed to do a special meathcore starting immediately for student. The colle for a monthly fee of $2500 and the student paid the first 5 months fees in advance. When the cash was received the Unearted Training Fees Account was credited. The fee for the tih month will become when it is collected next you On Chris Kaygreed to cha math class beginning in die for dowfox 5.200 per payable at the end of cow. The cherishem syeh received any's applied to the now Katy's two employees are paid weekly. As of the end of the year, two days' salaries have accedat the rate of $100 per day for each employee 11:29 1