You are provided the raw data for an unadjusted trial balance of ABC on December 31st,...

  

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You are provided the raw data for an unadjusted trial balance of ABC on December 31st, 2020 along with additional information from the following descriptions that require adjusting entries on December 31st as presented in the spreadsheet. Additional Information An analysis of ABC's insurance policies shows that $3000 of coverage has expired. An inventory count shows that teaching supplies costing $2000 are available at year-end. Annual depreciation on the equipment is $10000. Annual depreciation on the professional library is $5000. On September 1, ABC agreed to do five courses for a client for $2500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid by cash in advance for all five courses on September 1, and ABC credited Unearned Training Fees. On October 15, ABC agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. On December 31, $4000 of the tuition has been earned by ABC. ABC's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $150 per day for each employee. The balance in the Prepaid Rent account represents rent $3000 for December. I · I I I I Your supervisor as a Key Account Manager has asked you to compile the adjusted trial balance and the year-end financial statements (Income Statement and Balance Sheet) for ABC taking into consideration accounting principles, conventions and standards. In addition, you will need to make and show appropriate adjustments to both the income statement and the balance sheet. Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent ABC INSTITUTION Unadjusted Trial Balance Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation, equipment Rent expense Teaching supplies expense Advertising expense December 31st Accounts payable Salaries payable Unearned training fees ABC, capital ABC, withdrawals Tuition fees earned Training fees earned Depreciation expense, Professional library Depreciation expense, Equipment Salaries expense Insurance expense Utilities expense Total Debit $ 34,000 8.000 12,000 3.000 35,000 80,000 50,000 50,000 33,000 6,000 6,400 S 317,400 $ Credit 10,000 15,000 26,000 12,500 90,000 123,900 40,000 317,400 You are provided the raw data for an unadjusted trial balance of ABC on December 31st, 2020 along with additional information from the following descriptions that require adjusting entries on December 31st as presented in the spreadsheet. Additional Information An analysis of ABC's insurance policies shows that $3000 of coverage has expired. An inventory count shows that teaching supplies costing $2000 are available at year-end. Annual depreciation on the equipment is $10000. Annual depreciation on the professional library is $5000. On September 1, ABC agreed to do five courses for a client for $2500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid by cash in advance for all five courses on September 1, and ABC credited Unearned Training Fees. On October 15, ABC agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. On December 31, $4000 of the tuition has been earned by ABC. ABC's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $150 per day for each employee. The balance in the Prepaid Rent account represents rent $3000 for December. I · I I I I Your supervisor as a Key Account Manager has asked you to compile the adjusted trial balance and the year-end financial statements (Income Statement and Balance Sheet) for ABC taking into consideration accounting principles, conventions and standards. In addition, you will need to make and show appropriate adjustments to both the income statement and the balance sheet. Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent ABC INSTITUTION Unadjusted Trial Balance Professional library Accumulated depreciation, professional library Equipment Accumulated depreciation, equipment Rent expense Teaching supplies expense Advertising expense December 31st Accounts payable Salaries payable Unearned training fees ABC, capital ABC, withdrawals Tuition fees earned Training fees earned Depreciation expense, Professional library Depreciation expense, Equipment Salaries expense Insurance expense Utilities expense Total Debit $ 34,000 8.000 12,000 3.000 35,000 80,000 50,000 50,000 33,000 6,000 6,400 S 317,400 $ Credit 10,000 15,000 26,000 12,500 90,000 123,900 40,000 317,400