Prepare the adjustments , and the Adjusted Trial Balance

Prepare the post closing entries

Prepare the post closing Trial Balance

Activity 6.1.1.xlsx (Read Data Review View Insert Xon Copy Draw Page Layout Formulas Calibri (Body 11 A A B 1 U- A. Wrap Text General Format Merge & Center > x fe B D E F G H a) An analysis of the Institutes insurance policy shows that $6,400 of coverage has expired b) An Inventory count shows that teaching supplies costing $2,500 are available at year end c) Annual depreciation on the equipment is $4,000 d) Annual depreciation on the professioanl library is $2,000 a e) On November 1, the Institute agreed to do a special four-month course (starting immediately) for a client. The contract calls for a $4,600 monthly fee, and the client paid the first two months fees in advance. When the case was receleved, the Unearned Training Fees account was credited. The last two months fees will be recorded when collected next year On October 15, the Institute agreed to teach a four-month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received 2) The Institutes only employee is paid weekly. As at the end of the year, three days salaries have accrued at the rate of $180 per day h) The balance in the Prepaid Rent account represents rent for December TASK Prepare the "Adjustments", and the "Adjusted Trial Balance" Prepare the post-closing entries Prepare the post-closing Trial Balance Adjusted Trail Balance + Formulas Data Review View A- A+ 9. Wrap Text General 4 A. ** Merge & Center % ) 00 Conditional Format Formatting as Tablo N O P R S U V Trial Balance December 31, 2015 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit 50 000 0 60 000 18 000 2 600 10 000 1500 30 000 16 000 12 200 Account Title Cash Accounts Receivable Teaching Supplies Prepaid Insurance Prepaid Rent Professional Library Accum. Depr.- Prof. Library Equipment Accum. Depr. - Equipment Accounts Payable Salaries Payable Unearned Training Fees M. Alcorn, Capital M. Alcorn, Withdrawals Tuition Fees Earned Training Fees Earned Depr. Exp - Prof. Library Depr. Exp-Equipment Salaries Expense Insurance Expense Rent Expense Teaching Supplies Expense Advertising Expense Utilities Expense 27 600 68 500 20 000 105 000 62 000 43 200 28 600 18 000 12 400 Totals 292 800 292 800