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Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, year 1, follows. (Bear in mind that adjusting entries already have been made for the first 11 months of year 1, but not for December.) Other Data 1. Records show that $5,280 in studio revenue had not yet been billed or recorded as of December 31. 2. Studio supplies on hand at December 31 amount to $8,280. 3. On August 1, year 1, the studio purchased a six-month insurance policy for $1,800. The entire premium was initially debited to Unexpired Insurance. 4. The studio is located in a rented building. On November 1, year 1, the studio paid $7,200 rent in advance for November, December, and January. The entire amount was debited to Prepaid Studio Rent. 5. The useful life of the studio s recording equipment is estimated to be five years (or 60 months). The straight-line method of depreciation is used. 6. On May 1, year 1, the studio borrowed $19,200 by signing a 12-month, 9 percent note payable to First Federal Bank of St. Louis. The entire $19,200 plus 12 months interest is due in full on April 30, year 2. 7. Records show that $4,320 of cash receipts
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