Willis Consulting follows the approach of recording prepaid expenses as expenses and unearned revenues as revenues. Willis's unadjusted trial balance for the year ended March 31, 2020, follows.

WILLLS CONSULTING Trial Balances March 31, 2020
	Unadjusted											Adjusted
	Trial Balance								Adjustments			Trial Balance
Account		Dr.				Cr.			Dr.	Cr.		Dr.	Cr.
Cash	$	32,200
Accounts receivable		63,200
Prepaid rent		0
Prepaid insurance		0
Accounts payable					$	16,200
Unearned consulting revenue						0
Bruce Wills, capital						38,600
Consulting revenue						83,600
Rent expense		40,390
Insurance expense		2,610
Totals	$	138,400			$	138,400

Additional information:

1. A review of the Consulting Revenue account showed that $6,600 of the balance has not yet been earned.
2. The balance in the Rent Expense account was paid on January 15, 2020, and represents seven months of rent beginning February 1, 2020.
3. It was determined that $2,000 of the balance in the Insurance Expense account was used by March 31, 2020.