$1$ GLO$302($Algo$)-$ Based on Problem $3-3$A LO P$1,$ P$2,$ P$3,$ P$4,$ P$5$

Carter Technical Institute $($CTI$),$ a school owned by Isaac Carter, provides training to individuals who pay tuition directly to the school.

CTI also offers training to groups in off$-$site locations. Its unadjusted trial balance as of December $31,2022,$ is found on the trial balance

tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through $h$ that

require adjusting entries on December $31$ follow.

a$.$ An analysis of CTI's insurance policies shows that $$2,450$ of coverage has expired.

b$.$ An inventory count shows that teaching supplies costing $$3,560$ are available at year$-$end.

c$.$ Annual depreciation on the equipment is $$5,400.$

d$.$ Annual depreciation on the professional library is $$10,200.$

e$.$ On November $1,$ CTI agreed to do a special six$-$month course $($starting immediately$)$ for a client. The contract calls for a monthly

fee of $$3,200,$ and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training

Fees account was credited.

f$.$ On October $15,$ CTI agreed to teach a four$-$month class $($beginning immediately$)$ for an executive with payment due at the end of

the class. At December $31,$ $$4,000$ of the tuition has been earned by CTI.

g$.$ CTl$\text{'}$s two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $$180$ per day for

each employee.

h$.$ The balance in the Prepaid Rent account represents rent for December.

Answer is not complete.

For transactions a$-$h$,$ review the unadjusted balance and prepare the adjusting entry necessary to correctly report the

revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance

as soon as you click "record entry".