Youtube Mercat de Wet ASSIGNMENT DESCRIPTION Fawcett Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. Fawcett prepares adjusting entries monthly. Additional information available on December 31, 2020 are as follows: a. An analysis of the company's policies shows that $31,000 of insurance coverage has expired b. An inventory shows that teaching supplies costing $13,400 are on hand at the end of the month C. The estimated monthly depreciation on the equipment is 5650 d. The estimated monthly depreciation on the professional library is $320 e. The school offers off-campus services for specific operators. On December 1, the company agree to do a special four- month course for a client. The contract calls for a $5,400 monthly fee, and the client paid the first two months revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited 1 On December 15, the school agreed to teach a four-month class to an individual for $1,600 tuition per month payable at the end of the class. The services have been provided as agreed, and no payment has been received 9. The school's only employee is paid weekly. As of the end of the month, wages of $1,200 have accrued n. The balance in the prepaid rent account represents the rent for December, January, February, and March REQUIRED: 1. Prepare the necessary December 31, 2020, month-end adjusting journal entries based on the information above. 2. Prepare an adjusted Trial Balance 3. You may submit your assignment in Excel document to this Assignment Submission Folder. The deadline for this assignment will be on Day 7 of instruction Youtube Mercat de Wet ASSIGNMENT DESCRIPTION Fawcett Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. Fawcett prepares adjusting entries monthly. Additional information available on December 31, 2020 are as follows: a. An analysis of the company's policies shows that $31,000 of insurance coverage has expired b. An inventory shows that teaching supplies costing $13,400 are on hand at the end of the month C. The estimated monthly depreciation on the equipment is 5650 d. The estimated monthly depreciation on the professional library is $320 e. The school offers off-campus services for specific operators. On December 1, the company agree to do a special four- month course for a client. The contract calls for a $5,400 monthly fee, and the client paid the first two months revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited 1 On December 15, the school agreed to teach a four-month class to an individual for $1,600 tuition per month payable at the end of the class. The services have been provided as agreed, and no payment has been received 9. The school's only employee is paid weekly. As of the end of the month, wages of $1,200 have accrued n. The balance in the prepaid rent account represents the rent for December, January, February, and March REQUIRED: 1. Prepare the necessary December 31, 2020, month-end adjusting journal entries based on the information above. 2. Prepare an adjusted Trial Balance 3. You may submit your assignment in Excel document to this Assignment Submission Folder. The deadline for this assignment will be on Day 7 of instruction
