B52 Skate Training prepares adjustments annually and

showed the following #4321

B52 Skate Training prepares adjustments annually and showed the following on its June 30,
2014, year-end:a. The Prepaid Arena Rental of $182,000 was paid on February 1, 2014. 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 Fees 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, 2014, cash of $92,000 was received for 2014/2015 training sessions (lessons begin
in October). This amount is included in the Training Fees learned balance.Required Prepare the
annual adjusting entries on June 30, 2014, for each of (a) through (g) above.View Solution:
B52 Skate Training prepares adjustments annually and showed the following

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