GL0302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6

S. Walker (Withdrawals), a school owned by Sarah Walker, provides training to individuals who pay tuition directly to the school. Withdrawals also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found on the trial balance tab. Withdrawals 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.

I think this is it

1. An analysis of Withdrawalss insurance policies shows that $2,450 of coverage has expired.
2. An inventory count shows that teaching supplies costing $3,040 are available at year-end.
3. Annual depreciation on the equipment is $6,000.
4. Annual depreciation on the professional library is $11,400.
5. On November 1, Withdrawals agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,600, and the client paid the first five months fees in advance. When the cash was received, the Unearned Training Fees account was credited.
6. On October 15, Withdrawals agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,200 of the tuition has been earned by Withdrawals.
7. Withdrawalss two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $220 per day for each employee.
8. The balance in the Prepaid Rent account represents rent for December.

General Journal tab - For transactions a-h, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy.

S. Walker Trial Balance December 31, 2017 Account Title Credit S Debit 42,200 8,300 12.250 4,200 57.000 22.800 Cash Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Unearned training fees Common stock Retained earnings Dividends 80.000 12.000 33.200 13,000 11.000 81,000 51.800 130.000 43.000 Tuition fees earned Training fees earned Salaries expense Rent expense Advertising expense Utilities expense Total 51.200 48.200 6,150 6.700 S 348.000 $ 346.000