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# The Accounting Cycle – End of the period: followings are the accounts and balances that appear...

###### Question:

The Accounting Cycle – End of the period: followings are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance:

 Account: Amount: Account: Amount: Cash $18,944 Retained Earnings$41,392 Accounts Receivable (A/R) $15,088 Service Revenue$89,430 Prepaid Rent $10,100 Advertising Expense$12,550 Equipment $37,920 Wages Expense$48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense$2,775 Accounts Payable (A/P) $5,901 Depreciation Expense$0 Wages Payable $0 Rent Expense$0 Deferred Revenue $240 Cleaning Expense$9,040 Common Stock $1,259 The following additional information was gathered at September 30, 2019, the end of Just Like Fred Astaire’s quarterly accounting period. Assume Fred uses a quarterly accounting period and all adjustments and adjusting entries are made only at the end of each quarterly accounting period (i.e. AJEs are only made on March 31, June 30, September 30 and December 31st). No adjusting entries have been made yet for the third quarter, ending September 30th, 2019 related to the below items: 1. On August 1, 2019, Fred prepaid$8,700 for the next six months’ rent, covering the period of August 1, 2019 – January 31, 2020. This was recorded as Prepaid Rent. Fred last prepaid rent on February 1, 2019 in the amount of $8,400, which covered the six-month period of February 1, 2019 – July 31, 2019. 2. Fred charges customers$60 for each dance class. On September 15th, Daniel registered for three group classes with Fred. One was provided in September, on September 25th. The other two lessons will be provided in the following accounting period, on October 2nd and October 9th. Daniel will pay for all three classes on October 9th. Fred has not yet billed Daniel for the September class, and no entry related to the September class already provided has been recorded yet.
3. Fred purchased a truck for $37,920 on February 1, 2016, which was recorded as Equipment. The truck has$0 salvage value, and has an estimated useful life of 8 years. Fred uses the straight-line depreciation method to allocate the cost of the truck evenly over its eight-year useful life.
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