Cash Client fees receivable Supplies... Prepaid studio rent. Studio equipment. Accumulated depreciation: studio equipment.. Accounts payable.. Note payable Interest payable. Unearned client fees Income taxes payable. Capital stock.. Retained earnings. Client fees earned Supplies expense. Salary expense. Interest expense. Studio rent expense. Utilities expense. Depreciation expense: studio equipment. Income taxes expense..... Debits Credit $22,380 71,250 6,000 2,500 96,000 $ 52,0 6,4 24,0 4 8,0 5,0 50,0 20,0 82,3 4,000 17,250 480 11,250 3,300 8,800 5,000 $248.210 $248.2
Brushstroke Art Studio, Inc., provides quality instruction to aspiring artists. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studio’s unadjusted
Other Data
1. Supplies on hand at December 31, current year, total $1,000.
2. The studio pays rent quarterly (every three months). The last payment was made November 1, current year. The next payment will be made early in February, next year.
3. Studio equipment is being
4. On October 1, current year, the studio borrowed $24,000 by signing a 12-month, 12 percent note payable. The entire amount, plus interest, is due on September 30, next year.
5. At December 31, current year, $3,000 of previously unearned client fees had been earned.
6. Accrued, but unrecorded and uncollected client fees earned total $690 at December 31, current year.
7. Accrued, but unrecorded and unpaid salary expense totals $750 at December 31, current year.
8. Accrued income taxes expense for the entire year ending December 31, current year, total $7,000. The full amount is due early in the next year.
Instructions:
Prepare an after-closing trial balance.
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