Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena. b. A count of the Repair Supplies at year-end revealed that $1,900 had been used. c. Annual depreciation of the skate equipment was $82,000. d. A review of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not yet been earned. e. Accrued salaries of $58,000 had not been recorded at year-end. f. Interest of $1,800 had accrued regarding the Notes Payable. g. On June 5, 2020, cash of $92,000 was received for 2020/2021 training sessions (lessons begin in October). This amount is included in the Training Revenue balance. Required Prepare the annual adjusting entries on June 30, 2020, for each of (a) through (g) above. Page 226
Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena. b. A count of the Repair Supplies at year-end revealed that $1,900 had been used. c. Annual depreciation of the skate equipment was $82,000. d. A review of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not yet been earned. e. Accrued salaries of $58,000 had not been recorded at year-end. f. Interest of $1,800 had accrued regarding the Notes Payable. g. On June 5, 2020, cash of $92,000 was received for 2020/2021 training sessions (lessons begin in October). This amount is included in the Training Revenue balance. Required Prepare the annual adjusting entries on June 30, 2020, for each of (a) through (g) above. Page 226
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
guide to prepare the
screenshot attached for adjusting
Transcribed Image Text:Problem 3-11B Adjusting entries (annual) L LO4
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2020, year-end:
B52 Skate Training Unadjusted Trial Balance.xlsx
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B52 Skate Training
Unadjusted Trial Balance
June 30, 2020
3
4
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Account
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
7 Cash
$ 112,000
8 Accounts receivable
28,000
9 Repair supplies
2,800
10 Prepaid arena rental
182,000
11 Skate equipment
428,000
12 Accumulated depreciation,
$ 164,000
skate equipment
13 Accounts payable
5,400
14 Unearned training revenue
19,600
15 Notes payable
160,000
16 Ben Gibson, capital
451,400
17 Ben Gibson, withdrawals
72,000
18 Training revenue
550,000
19 Salaries expense
350,000
20 Arena rental expense
168,000
21 Other expenses
7,600
22 Totals
$1,350,400 $1,350,400
Transcribed Image Text:Additional information available at year-end:
a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2020. It represents seven months of rent on the arena.
b. A count of the Repair Supplies at year-end revealed that $1,900 had been used.
c. Annual depreciation of the skate equipment was $82,000.
d. A review of the Unearned Training Revenue account at year-end showed that included in the balance was $12,600 that had not
yet been earned.
e. Accrued salaries of $58,000 had not been recorded at year-end.
f. Interest of $1,800 had accrued regarding the Notes Payable.
g. On June 5, 2020, cash of $92,000 was received for 2020/2021 training sessions (lessons begin in October). This amount is
included in the Training Revenue balance.
Required
Prepare the annual adjusting entries on June 30, 2020, for each of (a) through (g) above.
Рage 226
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