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Solomon Inc. adjusts its books each month and closes its books on December 31 each year. The trial balance at January 31, 2020, before adjustments,
Solomon Inc. adjusts its books each month and closes its books on December 31 each year. The trial balance at January 31, 2020, before adjustments, follows: Debit Credit Cash... $ 3,300 Supplies... 2,700 Unexpired Insurance 6,300 Equipment.. 36,000 Accumulated Depreciation: Equipment $9,000 Unearned Admission Revenue 6,000 Capital Stock... ? Retained Earnings, January 1, 2020. 21,600 Admissions Revenue. 13,800 Salaries Expense. 4,050 Utilities Expense. 2,850 Rent Expense. 2,700 Additional information available at the end of 31 January 2020: a. According to attendance records, $4,800 of the Unearned Admission Revenue has been earned in January. b. At January 31, the amount of supplies still on hand was determined to be $675. c. The equipment has an original useful life of eight years. Provide for the current period depreciation using straight line method for the asset. d. 900 is owed to employees for work since the last payday in January, to be paid the first week of February. e. On June 1, 2019, the business purchased a 12-month insurance policy. Prepare an adjusted trial balance as at 31 January 2020. Show all the necessary calculations
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