View previous attempt 2 nts ellook PacRim Careers provides training to individuals who pay tuition directly to the business. The business also offers extension training to groups in off-site locations. Additional information available at the December 31, 2020, year-end follows: a. An analysis of the company's policies shows that $1,250 of insurance coverage has expired. b. An Inventory shows that teaching supplies costing $450 are on hand at the end of the year. c. The estimated annual depreciation on the equipment is $8,000 d. The estimated annual depreciation on the professional library is $4,500 e. The school offers off-campus services for specific employers. On November 1, the company agreed to do a special six-month course for a client. The contract calls for a monthly fee of $950, and the client paid the first five months' revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited f. On October 15, the school agreed to teach a four-month class for an individual for $1.200 tuition per month payable at the end of the class. The services to date have been provided as agreed, but no payment has been received, 9. The school's two employees are paid weekly. As of the end of the year, three days' wages have accrued at the rate of $120 per day for each employee h. The balance in the Prepaid Rent account represents the rent for three months: December, January, and February ferences Adjusted Trial Balance PACRIN CAREERS Trial Balances December 31, 2020 Unad justed Trial Balance Dr. $ 18,000 0 6,500 1.490 Adjustments Dr Cr. Account Cr. Cash Accounts receivable Teaching supplies Vie Adjustments Dr. Cr. Adjusted Trial Balance Dr. Gr. Dr. PALKIM CAREERS Trial Balances December 31, 2020 Unadjusted Trial Balance Account Cr. Cash $ 18,000 Accounts receivable 0 Teaching supplies 6,500 Prepaid insurance 1,400 Prepaid rent 7,200 Professional library 60,000 Accumulated depreciation, professional library $ 18,000 Equipment 96,000 Accumulated depreciation, equipment 32,000 Accounts payable 2,500 Salaries payable 0 Unearned extension revenue 6,300 Karoo Ashevak, capital 229,000 Karoo Ashevak, withdrawals 92,000 Tuition revenue 196,000 Extension revenue 72,500 Depreciation expense, equipment Depreciation expense, professional library Salaries expense 206,000 Insurance expense 0 Rent expense 44,000 Teaching supplies expense 0 Advertising expense 14,000 Utilities expense 11,200 Totals $556,300 $556,300 Trial Balance Trial Balance Adjustments Dr. Cr. Dr. Cr. Cr. Dr. Account $ 18,000 $ 18,000 X x 0 450 6,050 1,250 6,500 1,400 7,200 60,000 150 * * * 2.400 4,800 60,000 $ 18,000 4,500 22,500 96,000 96,000 8,000 32,000 2,500 40.000 2,500 720 0 720 1,900 lo X Cash Accounts receivable Teaching supplies Prepaid Insurance Prepaid rent Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation, equipment Accounts payable Salaries payable Unearned extension revenue Karoo Ashevak, capital Karoo Ashevak, withdrawals Tuition revenue Extension revenue Depreciation expense, equipment Depreciation expense, professional library Salaries expense Insurance expense Rent expenso Teaching supplies expense Advertising expenso Utilities expense Totale 6,300 229,000 4,400 229,000 92,000 92,000 196,000 72,500 3,000 1,900 SI 199,000 74,400 0 0 720 206,720 206,000 0 44,000 0 2,400 46,800 14,000 14,000 11,200 11,200 556 ann $550 ann Is 12 A le 2002 $ 50 12 4 579 520
