The following information is available at year end on Dec 31, 2019.

A. Unexpired insurance at Dec 31 $2,200

B. Fees earned but unbilled on Dec 31 - Nike $3,470

C. Supplies on hand at Dec 31 $1,150

D. Revenue Unearned at Dec 31 $4,650

E. Accrued salaries and wages at Dec 31 $3,405

F. Prepaid Advertising $800

G. Inventory $13,600

H. Depreciation of truck for the year _________ /1

I. Depreciation of machine for the year _________ /1

J. Depreciation of equipment for the year _________ /1

K. Interest Owed to Under Amor _________ /1

Info to determine Depreciation & Interest:

Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years.

Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years.

Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years.

Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly.

Champs

Unadjusted Trial Balance

April1, 2019

Cash

$18,700

A/R - Adidas

$18,950

Prepaid Insurance

$6,300

Prepaid Advertising

$2,400

Inventory

$21,000

Supplies

$2,750

Land

$58,025

Building

$71,000

Car

$19,503

Machine

$48,000

Truck

$36,000

Equipment

$57,777

Accumulated Dep Truck

$8,630

Accumulated Dep Machine

$13,502

Accumulated Dep Equip

$26,492

A/P

$23,044

Note Payable Under Amor

$18,000

Unearned Revenue

$10,000

Capital Stock

$14,300

Drawings

$10,500

Fees Earned

$202,725

Champs, Capital

$125,857

Salaries & Wages Expense

$55,103

Utilities Expense

$4,201

Advertising Expense

$12,341

Totals

$442,550

$442,550

Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) /22

Please see above for proper date and ensure you skip a line between transactions.

Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes In class Test - Adjusting Entries 1. April 1s I spent $5,200 on advertising services for the next year. Perform the adjustment for Dec 31. 2. May 1st you purchased $9,500 in supplies. Dec 31 shows that there are $2,200 in supplies on hand. Perform the adjustment. 3. June 1"' you received $5,000 for landscaping services. Dec 31 shows that you only owe $1,200 left on your services. 4. You purchased a machine for $18,300 that has no salvage value and an estimated useful life of 1 dog year. (aka 7 years) 5. Oct 1st you borrowed $9,400 from a friend who gave you an 8% interest rate and 4 months to pay you back. Calculate interest owing. Perform adjustment for Dec 31. 6. You have not billed Goodlife Fitness for the 13 classes of Hot Yoga you taught where you charge $65/hour. Perform the adjustment. 7. Bought a new Tesla for $88,000 with a residual value of $4,900 and a estimated useful life of 11 years. 8. Records show that you owe your part time employees 213 hours at $13.75/hour. 9. Jan 1 2020 you prepaid your insurance for 24 months for $11,360. Perform the adjustment for Dec 31, 2020. Bonus: Dec 1 records show an inventory balance of $17,000. Dec 31 records show an inventory balance of $18,000. Perform the adjustment