S. Allen (Withdrawals), a school owned by Susan Allen, provides training to individuals who pay tuition directly to the school Withdrawals also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found on the trial balance tab. Withdrawals Initially records prepald expenses and unearned revenues in balance sheet accounts Descriptions of items a through h that require adjusting entries on December 31 follow. 8. An analysis of Withdrawals's Insurance policies shows that $2,650 of coverage has expired. b. An Inventory count shows that teaching supplies Costing $3.440 are available at year-end. c. Annual depreciation on the equipment is $6,400. d. Annual depreciation on the professional library is $12,200. e. On November 1. Withdrawals agreed to do a special six-month course (starting Immediately) for a client. The contract calls fora monthly fee of $2,600, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. 1. On October 15, Withdrawals agreed to teach a four-month class (beginning Immediately) for an executive with payment due at the end of the class. Af December 31, $3,400 of the tuition has been earned by Withdrawals. g. Withdrawals's two employees are pald weekly. As of the end of the year, two days' salaries have accrued at the rate of $220 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Dec 31 Insurance expense 2.650 Prepaid insurance 2,850 2. Dec 31 3.440 Teaching supplies expense Teaching supplies 3.440 62 Dec 31 6,400 Depreciation expense - Equipment Accumulated depreciation - Equipment 6.400 HA Dec 31 Depreciation expense - Professional ibrary 12.000 Accumulated depreciation - Professional library 12.000 5 Dec 31 2.600 Unearned training fees Training fees earned 2.600 6 Dec 31 Accounts receivable Tuition fees earned 3.400 3.400 Dec 31 Salaries expense Salaries payable 220 220 Requirement General Ledger > Trial Balance December 31 2019 Account Title Debit Credit Cash $ Accounts receivable 22 2 2 2 2 2 52,425 3,400 5.380 5,300 3,400 61,000 28.400 Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training fees Common stock 64,000 22 12,800 30.800 220 10,400 10.000 82,000 Retained earnings Dividends 50.000 2 Tuition fees earned 135, 400 46,600 12,000 Training fees earned Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities Expense 6,400 50,620 2.650 37.400 3.440 0.125 6,600 371.0205 Total S 364,620 balances vill apped Adjusted 5. Allen Unadjusted Income Statement Adjusted For Year Ended December 31, 2019 $ 0 0 0 0 0 0 0 0 0 0 ( 0 D Net income Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance She The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted S. Allen Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2019 Add: Net income $ 82.000 Less: Dividends (50,900) Retained earnings. December 31, 2019 $ 82.000 Udidlice Wur dpd TU ESTI ALLOUTIL DESEU Un you see a dire zero balances. Adjusted Unadjusted Adjusted SL Allen Balance Sheet December 31, 2019 Assets Current assets 0 0 0 0 0 0 S 0 Plant assets $ 0 0 0 0 0 0 0 $ 0 Liabilities Current liabilities $ 0 S Equity S Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show les Adjusted Account affecting the Income statement Balance Sheet Impact on net income Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments S Balance Sheet