Check my work GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 How Nguyen Technical Institute (NTI), a school owned by Than Nguyen, provides training to individuals who pay tuition directly to the school. NTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. NTI 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 NTTS 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 September 1, NTI agreed to do five courses for a client for $3.abo 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 NTI credited Unearned Training Fees f. On October 15, NTI agreed to teach a four month class (beginning immediately for an executive with payment due at the end of the class. At December 31, $8,000 of the tuition has been earned by NTI 9. NTI'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 Requirement General Ledger n e Income Statement St Owner Equity Balance Sheet Impact on For transactions ah 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 View transaction ist Journal entry worksheet Check my work GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 How Nguyen Technical Institute (NTI), a school owned by Than Nguyen, provides training to individuals who pay tuition directly to the school. NTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. NTI 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 NTTS 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 September 1, NTI agreed to do five courses for a client for $3.abo 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 NTI credited Unearned Training Fees f. On October 15, NTI agreed to teach a four month class (beginning immediately for an executive with payment due at the end of the class. At December 31, $8,000 of the tuition has been earned by NTI 9. NTI'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 Requirement General Ledger n e Income Statement St Owner Equity Balance Sheet Impact on For transactions ah 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 View transaction ist Journal entry worksheet