Part 2 Required: A. Prepare adjusting entries using the information below: Feb 28th One month of the fire insurance policy has expired. Feb 28th By the end of February, $4,750 of services had been provided to students who paid for advanced tutoring services on Feb. 18th Unpaid salaries at the end of February as $11,600. Feb 28th Supplies on hand at the end of February totaled $1,500. Feb 28 Feb 28 Depreciation on the building for the month was $625. Feb 28th Accrued Interest associated with note payable of $1,250. B. Update General Ledger used in Part 1 C. Prepare an Adjusted Trial balance in good form Comprehensive Accounting Cycle Problem In January, Sammy Bearkat organized a corporation to provide tutoring services to students. The company, called Stellar Student Tutoring began operations immediately. The business general ledger balances are shown below: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Stellar Student Tutoring Post-Closing Trial Balance January 31, 2020 Debit $32,000 11,000 5,600 68,000 4,200 85,000 27 400 $116,600 $116,600 Feb 1 During February 2020, the following transactions occur: The corporation issued an additional 10,000 shares of capital stock to Harris Corporation in exchange for $15,000 cash Feb 1 Purchased a building from Sweeney Enterprise for $150,000. A cash payment of $25,000 was made at the time of the purchase, and a note payable was issued for the remaining balance. Feb 15 Paid $7,800 for fire insurance on building for next 3 years. 210.07 Feb 9th Purchased additional supplies on account for $3,500 Feb 11th Billed students $35,840 for tutoring services provided during the first half of February. Feb 16th Paid $12,300 in salaries earned by employees during the first half of February. Feb 18th Received $10,500 cash in advance from students for tutoring services to be provided in the future Collected cash from accounts receivable of $40,000 Feb 22nd Feb 25th Paid $3,330 for utilities during period. Feb 25th Paid $6,250 cash on accounts payable. Feb 28th Declared and paid a $2,000 dividend. Sammy Bearkat uses the following accounts to record transactions for Stellar Student Tutoring. Stellar Student Tutoring Account Listing Cash Accts. Receivable Supplies Prepaid Insurance Land Building Accumulated Depreciation Accounts Payable Unearned Revenue Wage Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Tutoring Service Revenue Wage Expense Utility Expense Insurance Expense Supply Expense Depreciation Expense Interest Expense Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit Account Credit Wage Payable 31-Jan 1-Feb $ Cash 32,000 15,000 25,000 1-Feb 7,800 1-Feb 12,300 16-Feb Interest Payable 18-Feb $ 22-Feb $ 10,500 40,000 3,330 25-Feb 6,250 25-Feb 2,000 28-Feb 40,820 31.Jan 11-Feb $ Accounts Receivable 11,000 35,840 $ 40,000 22-Feb 6,840 Sales Revenue 35,840 11-Feb 31-Jan 9-Feb $ Supplies 5,600 3,500 9,100 Wage Expense 12,300 $ 16-Feb $ 1-Feb $ Prepaid Insurance 7,800 25-Feb $ Utility Expense 3,330 Insurance Expense 28-Feb 31-Jan $ Land 68,000 Supply Expense Building 150,000 1-Feb $ Depreciation Expense Accum. Depr Interest Expense Accounts Payable 4,200 31-Jan 3,500 9-Feb 25-Feb $ 6,250 1,450 Unearned Revenue 10,500 18-Feb Notes Payable 125,000 1-Feb Common Stock 85,000 31-Jan 15,000 1-Feb 100,000 Common Stock 85,000 31-Jan 15,000 1-Feb 100,000 Retained Earnings 27,400 31-Jan 28-Feb $ Dividends 2,000 Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit Account Adjusting Entries Date Account Titles Debit Credit feb 28 inscence experte prepad Miscence 126.67 1214.667 feb 28