The following information contained the financial accounts of Excellence Grade College

for the accounting year ended 31st December 2020:

Account description Amount $ Tuition fee earned 2,000.000 Rental fee earned 50.000 Rental of premise 100.000 Staff salaries 500.000 Air conditioner servicing fee 24.000 Cash at bank 20.000 Accounts payable 20.000 Administrative expenses 30.000 IT equipment Loss on disposal of assets 500 Accrued expenses 10.000 Prepaid expenses 8.500 Rent deposit paid 30.000 Accumulated depreciation of IT equipment 60.000 Inventory 7.500 Owner's equity Fee received in advance 35.000 Fees overdue from students 25.000 Bank loan 200.000 Freehold property 600 000