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GLO302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Gonzalez Technical Institute (GTI), a school owned by Maria Gonzalez, provides training to individuals who pay tuition directly to the school. GTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. GTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of Items a through h that require adjusting entries on December 31. a. An analysis of GTI's Insurance policies shows that $2,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,960 are available at year-end. c. Annual depreciation on the equipment is $7,200. d. Annual depreciation on the professional library is $10,600. e. On September 1, GTI agreed to do five courses for a client for $3,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $16,000 cash in advance for all five courses on September 1, and GTI credited Unearned Training Fees. 1. On October 15, GTI agreed to teach a four-month class (begihning immediately) for an executive with payment due at the end of the class. At December 31, $9,500 of the tuition has been earned by GTI. 9. GTI'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 Prepald Rent account represents rent for December. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection General Ledger St E General Journal Income Statement Trial Balance Requirement Use the drop-downs to select the accounts properly included on the in balances will appear for each account, based on your selection. Adjusted Gonzalez Technical Institute Income Statement For Year Ended December 31 + $ 0 0 0 0 0 0 0 0 0 0 0 Oo I DER Income Statement General Journal Trial Balance St Owner Equity General Ledger Balance Sheet Requirement Use the drop-downs to select the accounts properly included on the balance sheet. The unadja balances will appear for each account, based on your selection. Include all balance sheet accounts, zero balances. Adjusted Gonzalez Technical Institute Balance Sheet December 31 Assets + Current assets $ $ 0 0 0 0 Olo 0 0 $ o Plant assets $ 0 0 0 0 0 0 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show Adjusted Account affecting the Income statement Balance Sheet Impact on net income Adjusting entry related to: a Insurance b. Teaching supplies c. Depreciation equipment d. Depreciation. Wibrary Training fees 1 Tuition 9 Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net Income after adjustments $ 0 0 Inneband Ches General Requirement General Income St Owner Joumal Trial Balance Impact on Ledger Statement Equity Balance Sheet income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net Income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Unadjusted Account affecting the: Income statement Balance Sheet Impact on net income Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e Training fees 1. Tuition 9. Salarios h. Rent Total impact on income due to adjustments Not Income before adjustments Net Income after adjustments $ Gonzalez Technical Institute Trial Balance December 31, 2021 Account Title Credit $ Debit 49,100 9,500 8,200 5,200 3,800 53,000 31,800 72,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Uneamed training fees M. Gonzalez. Capital OM Gonzalez, Withdrawals Tuition fees carned Training fees camed Deprecioton expone Profesional brary Depreciation expense - Equipment Salones expense insurance expense 21,600 30,800 720 9,800 98,000 51,200 137,500 48,400 10,000 7.200 51,520 2,600 31,800 72,000 1 1 1 1 1 7 7 21,600 30,800 720 9,600 98,000 51200 Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training foes M. Gonzalez, Capital M. Gonzalez, Withdrawals Tuition fees earned Training fees earned Depreciation expense. Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Advertising expense Utilities expense Total 137,500 48.400 2012 10,600 7,200 51.520 2,600 41,800 6.100 6,600 378,420 5 $ 378,420 GLO302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Gonzalez Technical Institute (GTI), a school owned by Maria Gonzalez, provides training to individuals who pay tuition directly to the school. GTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. GTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of Items a through h that require adjusting entries on December 31. a. An analysis of GTI's Insurance policies shows that $2,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,960 are available at year-end. c. Annual depreciation on the equipment is $7,200. d. Annual depreciation on the professional library is $10,600. e. On September 1, GTI agreed to do five courses for a client for $3,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $16,000 cash in advance for all five courses on September 1, and GTI credited Unearned Training Fees. 1. On October 15, GTI agreed to teach a four-month class (begihning immediately) for an executive with payment due at the end of the class. At December 31, $9,500 of the tuition has been earned by GTI. 9. GTI'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 Prepald Rent account represents rent for December. Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection General Ledger St E General Journal Income Statement Trial Balance Requirement Use the drop-downs to select the accounts properly included on the in balances will appear for each account, based on your selection. Adjusted Gonzalez Technical Institute Income Statement For Year Ended December 31 + $ 0 0 0 0 0 0 0 0 0 0 0 Oo I DER Income Statement General Journal Trial Balance St Owner Equity General Ledger Balance Sheet Requirement Use the drop-downs to select the accounts properly included on the balance sheet. The unadja balances will appear for each account, based on your selection. Include all balance sheet accounts, zero balances. Adjusted Gonzalez Technical Institute Balance Sheet December 31 Assets + Current assets $ $ 0 0 0 0 Olo 0 0 $ o Plant assets $ 0 0 0 0 0 0 Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show Adjusted Account affecting the Income statement Balance Sheet Impact on net income Adjusting entry related to: a Insurance b. Teaching supplies c. Depreciation equipment d. Depreciation. Wibrary Training fees 1 Tuition 9 Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net Income after adjustments $ 0 0 Inneband Ches General Requirement General Income St Owner Joumal Trial Balance Impact on Ledger Statement Equity Balance Sheet income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net Income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Unadjusted Account affecting the: Income statement Balance Sheet Impact on net income Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e Training fees 1. Tuition 9. Salarios h. Rent Total impact on income due to adjustments Not Income before adjustments Net Income after adjustments $ Gonzalez Technical Institute Trial Balance December 31, 2021 Account Title Credit $ Debit 49,100 9,500 8,200 5,200 3,800 53,000 31,800 72,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Uneamed training fees M. Gonzalez. Capital OM Gonzalez, Withdrawals Tuition fees carned Training fees camed Deprecioton expone Profesional brary Depreciation expense - Equipment Salones expense insurance expense 21,600 30,800 720 9,800 98,000 51,200 137,500 48,400 10,000 7.200 51,520 2,600 31,800 72,000 1 1 1 1 1 7 7 21,600 30,800 720 9,600 98,000 51200 Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training foes M. Gonzalez, Capital M. Gonzalez, Withdrawals Tuition fees earned Training fees earned Depreciation expense. Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Advertising expense Utilities expense Total 137,500 48.400 2012 10,600 7,200 51.520 2,600 41,800 6.100 6,600 378,420 5 $ 378,420