need answers for E,F,G Problem 3-11B Adjusting entries (annual) LO4B52 Shate Training prepares adjustments annually and showed the following on its June 30, 2020, year-end:B52 Skate Training Unadjusted Trial Balance.xlexFnge Lo FomulesPorview venBEB52 Skate TrainingCnadjusted Trial BalanceJune 30, 2020e4UnadjustedAdjusted5Trial BalanceAdjustmentsTrial Balance6AccountDr.Cr.Dr.Cr.Dr.Cr.$ 112.0007 Cash8 Accounts recervabie9 Repair supplies28,0002,80010 Prepaid arena rental11 Skate equipment12 Accumulated depreciation,182.000428.000$ 164,000skate equipment13 Accounts payable14 Uneamed training revenue15 Notes payabie16 Ben Gibson, capital5,40019,600160,000451,40017 Ben Gibson, withdrawals72,00018 Training revenue19 Salaries expense20. Arena rental expense550,000350,000168,00021 Other expenses7,60022 Totals$1,350,400 $1,350,400Additional 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 onthe 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.

Part E: The adjusting entry is as follows:

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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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