GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 Skipoed References Collins Technical Institute (CTI), a school owned by Carolyn Collins, 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, 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 a. An analysis of CTI's insurance policies shows that $2,700 of coverage has expired b. An inventory count shows that teaching supplies costing $3,760 are available at year-end c. Annual depreciation on the equipment is $4,800 d. Annual depreciation on the professional library is $9.000 e. On September 1, CTI agreed to do five course 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 CTI credited Unearned Training Fees 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, $9,000 of the tuition has been eamed by CTI 9. CTI'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 Vous attempt Check my work Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on Income For transactions a-, 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 dick "record entry": View transaction lit Journal entry worksheet 1 2 3 5 7 8 An analysis of CTI's insurance policies shows that $2.700 of coverage has expired GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 Skipoed References Collins Technical Institute (CTI), a school owned by Carolyn Collins, 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, 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 a. An analysis of CTI's insurance policies shows that $2,700 of coverage has expired b. An inventory count shows that teaching supplies costing $3,760 are available at year-end c. Annual depreciation on the equipment is $4,800 d. Annual depreciation on the professional library is $9.000 e. On September 1, CTI agreed to do five course 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 CTI credited Unearned Training Fees 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, $9,000 of the tuition has been eamed by CTI 9. CTI'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 Vous attempt Check my work Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on Income For transactions a-, 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 dick "record entry": View transaction lit Journal entry worksheet 1 2 3 5 7 8 An analysis of CTI's insurance policies shows that $2.700 of coverage has expired