a. An analysis of NTI's insurance policies shows that $2,950 of coverage has expired. b. An...

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a. An analysis of NTI's insurance policies shows that $2,950 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,960 are available at year-end. c. Annual depreciation on the equipment is $4,200. d. Annual depreciation on the professional library is $7,800. e. On November 1, NTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for fee of $3,200, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Fees account was credited. f. On October 15, NTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the class. At December 31, $3,200 of the tuition has been earned by NTI. g. NTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $180 pe each employee. h. The balance in the Prepaid Rent account represents rent for December. a. An analysis of NTI's insurance policies shows that $2,950 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,960 are available at year-end. c. Annual depreciation on the equipment is $4,200. d. Annual depreciation on the professional library is $7,800. e. On November 1, NTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for fee of $3,200, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Fees account was credited. f. On October 15, NTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the class. At December 31, $3,200 of the tuition has been earned by NTI. g. NTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $180 pe each employee. h. The balance in the Prepaid Rent account represents rent for December.

Answer rating: 100% (QA)

To record the necessary adjusting entries based on the provided information we will account for the expired insurance coverage teaching supplies depre... View the full answer