Martin Smith, His customers pay his fees by cash or check after each tutoring session but he does

give terms of Net 15 to some of his customers. He has developed the following fee schedule.

Name	Description	Rate
Refresher	one-hour session	$50 per hour
Persistence program	Two one-hour sessions per week	$90 per week
Crisis Program	Five one-hour sessions per week	$175 per week

The tutoring sessions usually take place at his students homes but he recently signed a two-year

lease on a small office above a local coffee shop. The rent is only $200 per month starting in

January 2021. A security deposit of $400 was paid in December 2020.

The following equipment is owned by the company:

Description Date placed in service. Cost Life Salvage Value

Computer 7/1/20 $3,000. 36 months $300

Printer 7/1/20 $ 240 24 months $ 0

Graphing Calculators(2) 7/1/20 $ 294 36 months $ 60

All equipment is depreciated using the straight-line method.

Create each of the three reports described the assignment,(Balance Sheet, Account List, and Product/Service List)