PacRim 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: .. An analysis of the company's policies shows that S1,350 of insurance coverage has expired. b. An inventory shows that teaching supplies costing $550 are on hand at the end of the year. c. The estimated annual depreciation on the equipment is $9,250 d. The estimated annual depreciation on the professional library is $4,950. e. The school offers off-campus services for specific 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 $850, and the client paid the first five months' revenue in advance. When the cosh was received, the Unearned Extension Revenue account was credited. f. On October 15, the school agreed to teach a four-month class for an individual for $1.300 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 $110 per day for each employee. h. The balance in the Prepaid Rent account represents the rent for three months: December January, and February Adjustments Dr. Adjusted Trial Balance Dr. Cr. Account Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Unearned 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 PACRIM CAREERS Trial Balances December 31, 2020 Unadjusted Trial Balance Dr. Cr. $ 19,000 e 7,500 1,500 8,70 66,000 $ 19,800 111,000 37,000 3,000 7,300 239,000 97,038 219,300 82,500 e @ 216,000 e 54,800 15,000 12,200 $607, 900 $607,900 Required: 1. Prepare the necessary annual adjusting journal entries at December 31, 2020, based on (a) to (h) above. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 > Record the cost of insurance expired during the year. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal Analysis Component 2 Complete the adjusted trial balance using the Information in (a) through (h) above. Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. 5 Account Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation equipment Accounts payable Salaries payable Unearned 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 PACRIM CAREERS Trial Balances December 31, 2020 Unadjusted Trial Balance Dr. Cr. 19,000 0 7,500 1,500 8,700 88,000 $ 19,800 111,000 37,000 3.000 0 7,300 239,000 97,000 219,300 82.500 0 0 216.000 0 54,000 0 15,000 12.200 $ 607,900 $ 607.900
