Pac rim careers provides trainging to individuals who pay tuitiion directly to the business. i have attached the question below. thank you
Assignment Print View PACRIM CAREERS Trial Balances December 31, 2020 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Or. Cr. Dr. Cr. Dr. Cr. Cash S 18,000 Accounts receivable Teaching supplies 6,500 Prepaid insurance 1,400 Prepaid rent 7,200 Professional library 60,000 Accumulated depreciation, professional library $ 18,000 Equipment 96,00 0 Accumulated depreciation, equipment 32,000 Accounts payable 2,50 Salaries payable 0 Uneamed extension revenue 6,300 Karoo Ashevak, capital 229,000 Karoo Ashevak, withdrawals 92.00 0 Tuition revenue 196,000 Extension revenue 72,500 Depreciation expense, equipment 0 Depreciation expense, professional library 0 Salaries expense 206,000 Insurance expense Rent expense 14,000 Teaching supplies expense Advertising expense 14,000 Utilities expense 11,200 Totals $ 556,300 $ 556,300 O S O S o s 0 3. If the adjustments were not recorded, calculate the over- or understatement of income.2/18/2021 Assignment Print View View transaction list Journal entry worksheet 2 3 4 5 6 7 8 > Record the cost of insurance expired during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journalPacRim Careers provides training to individuals who pay tuition directly to the business. The business also offers extension training to groups in off-site locations. Additional information available at the December 31, 2020, year-end follows: a. An analysis of the company's policies shows that $1 ,250 of insurance coverage has expired. b. An inventory shows that teaching supplies costing $450 are on hand at the end of the year. c. The estimated annual depreciation on the equipment is $8,000. d. The estimated annual depreciation on the professional library is $4,500. e. The school offers off-campus services for specic employers. On November 1, the company agreed to do a special six-month course for a client. The contract calls for a monthly fee of $950, and the client paid the rst five months' revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited. f. On October 15, the school agreed to teach a fourmonth class for an individual for $1,200 tuition per month payable at the end of the class. The services to date have been provided as agreed, but no payment has been received. 9. The school's two employees are paid weekly. As of the end of the year, three days' wages have accrued at the rate of $120 per day for each employee. h. The balance in the Prepaid Rent account represents the rent for three months: December, January, and February. Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Uneamed extension revenue Karoo Ashevak, capital Karoo Ashevak, withdrawals Tuition revenue Extension revenue Depreciation expense, equipment Depreciation expense. professional library Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ 18,000 6,500 1 .400 7,200 60.000 96.000 92.000 0 0 206,000 0 44,000 0 14,000 11,200 $556,300 $ 18.000 32.000 2.500 0 6.300 229,000 1 96.000 72.500 $556,300
