Question 1 (25 marks) Bonjour Academy ("Bonjour") provides French language courses. Usually students pay their course fees after attending the lessons. But for the courses taught by Ms Pierre, the top French tutor in the centre, students have to pay in advance and the amounts are first credited to the Unearned course fees account. Bonjour normally adjusts its accounts monthly and closes its accounts annually on 31 December. The adjusting entries have already been made for the first 11 months of 2020, but not for December. Below is the unadjusted trial balance dated 31 December 2020, follows. Bonjour Academy Unadjusted Trial Balance 31 December 2020 Credit S Debit S 142,457 455 97,916 23,400 1,755 91,000 429,000 Cash Interest receivable Accounts receivable Prepaid insurance Supplies 6% Notes receivable Office equipment Accumulated depreciation office equipment Accounts payable Dividends payable Uneamed course fees Share capital ($10 per share) Retained earnings Dividends Course fees earned Interest revenue Salaries expense Insurance expense Rent expense Supplies expense Depreciation expense: office equipment Total 200,200 37,819 7,800 4,290 75,000 208,260 7,800 608,021 455 127,400 17,160 93,210 3,042 107,250 1.141.845 1.141.845 After preparing the above unadjusted trial balance, the following were found 1. $750 unearned course fees is now earned on 31 December 2. Supplies on hand as at 31 December 2020 are $210 3. Bonjour purchased a $500,000 motor vehicle on 31 December 2020. It paid $150,000 cash and signed a notes payable for the balance. This transaction has not yet been recorded 4. On 31 December 2020 Bonjour declared and paid another dividend of $1.00 per share. Including the previous declared dividends that owed to its shareholders, Bonjour paid out in cash, all and fully, on the same day