Jan’s Dance Studio, Inc

Subject:AccountingPrice:4.87 Bought7

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Jan’s Dance Studio, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The studio’s year-end adjusted trial balance dated December 31, 2019, appears below. (Bear in mind, the balance shown for Retained Earnings was last updated on December 31, 2018)
DECEMBER 31, 2011
JAN’S DANCE STUDIO. INC.
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2019
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $171,100  
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9,400  
Prepaid studio rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    3,000  
Unexpired insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . .    7,200  
Supplies . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .    500  
Equipment. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .    18,000  
Accumulated depreciation: equipment . . . . . . . .. . . . . . . .        $ 7,200
Notes payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        10,000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        3,200
Salaries payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        4,000
Income taxes payable. . . . . . . . . . . .. . . . . . . . . . . . . . . . . .        6,000
Unearned studio revenue . . . . . . . . . . . . . . . . . . . . . . . . . .        8,800
Capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .        100,000
Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        40,000
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6,000  
Studio revenue earned . . . . . . . . . . . . . . . . . . . . . . . . . . . .        165,000
Salary expense. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . .    85,000  
Supply expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    3,900  
Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    12,000  
Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    1,900  
Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    500  
Depreciation expense: equipment . . . . . . . . . . . . . . . . . . .    1,800  
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    900  
Income taxes expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .    23,000  
   $344,200   $344,200
REQUIRED:
a. Prepare for the year ended December 31, 2019.
- An Income Statement
- Statement of Retained Earnings
- Balance Sheet
b. Prepare the necessary Closing Entries at December 31, 2019.
c. Prepare an After-Closing Trial Balance dated December 31, 2019.