Question

The unadjusted trial balance for Forever Fitness as December 31, 2017 is provided on the trial balance tab.

Information for adjustments is as follows:

As of December 31, 2017, employees had earned $1,300 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,625 of salaries will be paid.

The cost of supplies still available at December 31, 2017, is $1,700.

The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2017, is $1,250. The next interest payment, at an amount of $1,500, is due on January 15, 2018.

Analysis of the unearned member fees account shows $2,400 remaining unearned at December 31, 2017.

In addition to the member fees included in the revenue account balance, the company has earned another $10,800 in unrecorded fees that will be collected on January 31, 2018. The company is also expected to collect $11,000 on that same day for new fees earned in January 2018.

Depreciation expense for the year is $21,200.

General Journal tab - Prepare any necessary adjusting and closing entries for the current fiscal year.

General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances.

Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs.

Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection.

Statement of Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection.

Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection.

Post-Closing tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance.

FOREVER FITNESS
Trial Balance
December 31, 2017
Account Title	Debit	Credit
Cash	171,400
Accounts receivable	10,800
Supplies	1,700
Equipment	106,000
Accumulated depreciation - Equipment		63,600
Interest payable		1,250
Salaries payable		1,300
Unearned member fees		19,500
Long-term notes payable		100,000
J. Carey, Capital		114,000
J. Carey, Withdrawals	26,000
Member fees earned		66,800
Depreciation expense - Equipment	21,200
Salaries expense	18,300
Interest expense	4,250
Supplies expense	6,800
Total	366,450	366,450

Answer 1

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It seems trial given is adjusted trial balance. Solved based on this assumption.
	Adjusted		Post Closing
Account Title	Debit	Credit	Debit	Credit
Cash	$171,400		$171,400	$           -
Accounts receivable	$ 10,800		$ 10,800	$           -
Supplies	$    1,700		$    1,700	$           -
Equipment	$106,000		$106,000	$           -
Accumulated depreciation - Equipment		$ 63,600	$           -	$ 63,600
Interest payable		$    1,250	$           -	$    1,250
Salaries payable		$    1,300	$           -	$    1,300
Unearned member fees		$ 19,500	$           -	$ 19,500
Long-term notes payable		$100,000	$           -	$100,000
J. Carey, Capital		$114,000		$104,250
J. Carey, Withdrawals	$ 26,000
Member fees earned		$ 66,800
Depreciation expense - Equipment	$ 21,200
Salaries expense	$ 18,300
Interest expense	$    4,250
Supplies expense	$    6,800
Total	$366,450	$366,450	$289,900	$289,900
Income Statement:
Member fees earned		$ 66,800
Less: Operating Expenses
Depreciation expense - Equipment	$ 21,200
Salaries expense	$ 18,300
Supplies expense	$    6,800
Total Operating Expense		$ 46,300
Net Operating Income		$ 20,500
Interest expense		$    4,250
Net Income		$ 16,250
Statement of Owner's Equity:
Beginning Owner's Equity		$114,000
Add: Net Income		$ 16,250
Less: Withdrawal		$ 26,000
Ending, Owners Equity		$104,250
Balance Sheet:
Current Assets:
Cash	$171,400
Accounts receivable	$ 10,800
Supplies	$    1,700
Total Current Assets		$183,900
Equipment	$106,000
Accumulated depreciation - Equipment	$ -63,600	$ 42,400
Total Assets		$226,300
Current Liabilities:
Interest payable	$    1,250
Salaries payable	$    1,300
Unearned member fees	$ 19,500
Total Current Liabilities		$ 22,050
Long-term notes payable		$100,000
Total Liabilities		$122,050
Equity:
Owner's Capital		$104,250
Total Liabilities and Equity		$226,300