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, 2017, year-end follows:

a. An analysis of the company’s policies shows that $1,190 of insurance coverage has expired.
b. An inventory shows that teaching supplies costing $390 are on hand at the end of the year.
c. The estimated annual depreciation on the equipment is $7,250
d. The estimated annual depreciation on the professional library is $4,230.
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 $790, 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 $1,140 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.
g. The school's two employees are paid weekly. As of the end of the year, three days' wages have accrued at the rate of $110 per day for each employee.
h. The balance in the Prepaid Rent account represents the rent for three months: December, January, and February.

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PACRIM CAREERS                                                                        Trial Balances                                                                    December 31, 2017
	Unadjusted								Adjusted
	Trial Balance					Adjustments			Trial Balance
Account		Dr.		Cr.		Dr.	Cr.		Dr.	Cr.
Cash	$	17,400
Accounts receivable		0
Teaching supplies		5,900
Prepaid insurance		1,340
Prepaid rent		6,300
Professional library		56,400
Accumulated depreciation, professional library			$	16,920
Equipment		87,000
Accumulated depreciation, equipment				29,000
Accounts payable				2,200
Salaries payable				0
Unearned extension revenue				5,700
Karoo Ashevak, capital				223,000
Karoo Ashevak, withdrawals		89,000
Tuition revenue				182,020
Extension revenue				66,500
Depreciation expense, equipment		0
Depreciation expense, professional library		0
Salaries expense		200,000
Insurance expense		0
Rent expense		38,000
Teaching supplies expense		0
Advertising expense		13,400
Utility expense		10,600
Totals	$	525,340	$	525,340

Answer rating: 100% (QA)

PACRIM CAREERS Trial Balances December 31 2017 Unadjusted Trial Balance Adjustments Adjusted Trial B... View the full answer