You have been given an unadjusted Trial Balance at the end of Alico Inc. FY (12/31/XX): In reviewing the unadjusted Trial Balance, the following information has come to your attention:

a. Alico Inc. entered into a six-month contract on 11/1/XX to provide maintenance service for six apartment houses owned by a Real Estate Investment Trust. The total value the contract was $185,000 and required a $20,000 prepayment. On 11/1/XX the bookkeeper debited Checking and credited Maintenance Revenue for the $20,000 prepayment. On 12/31/XX 20% of the contracted services had been completed.

b. On 7/1/XX a one year fire insurance policy was purchased for

$60,000. The bookkeeper debited Prepaid Insurance Expense and credited Checking to record the transaction. No other journal entries had been made for this transaction.

c. Wages in the amount of $95,000 had been earned by Alico Inc.' employees but will not be paid until next year. No entry had been made to record this fact.

d. On 11/1/XX Alico Inc borrowed $50,000 from its bank. The company client signed a 90 day note receivable on this date with interest and principal due and payable on January 31 of the next year. The interest rate was at 12% per year. At the end of the current year Alico Inc.owed $500 in interest on the note. This amount had not yet been recorded.

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e. Depreciation in the amount of $15,000 had not yet been recorded.