GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 Carter Technical Institute (ma School owned by Isaac Carter, 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 21, 2018 is found on the trial balance tab.CTl initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items through that require adjusting entries on December 31 follow. o, An analysis of CT ance policies shows that $2.450 of coverage has expired b. An Inventory count shows that teaching supplies conting $3,500 reailable at year end c. Annual depreciation on the equipment is $5,400 d. Annual depreciation on the professional library is $10.200 e. On November 1. CT agreed to do a special six-month course (starting immediately for a client. The contract calls for a monthly fee of $3,200, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited f. On October 15. CTI agreed to reach a four month class (beginning Immediately for an executive with payment due at the end of the class. At December 31. 510.000 of the tuition has been earned by CTI G. CT'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 General Journal General Ledger Trial Balance Requirement Income Statement St Retained Earnings Balance Sheet Impact on Income For transactions a-h 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 f. On October 15. CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of th class. At December 31, $10,000 of the tuition has been earned 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 eac employee h. The balance in the Prepaid Rent account represents rent for December Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income accuracy. 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 General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - 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 Statement of Retained earnings tab - The unadjusted or adjusted balances will appear for each account, based on your selection. Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Impact on Income tab. 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 dropdown.) Regionant General Journal > --- carned 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 list View journal entry worksheet No Date Account Title Debar Credit 1 Dec 31 Insurance expense Prepaid Insurance 2.450 2.450 2 Dec 31 Teaching supplies expense Teaching supplies 3 Dec 31 5.400 Depreciation expense-Equipment Accumulated depreciation Equipment 5.400 4 Dec 31 10,200 Depreciation expense Professional library Accumulated depreciation Professionallbrary 10,200 5 Dec 31 3.200 Uneamed training fees Training foes named 3.200 6 6 Dec 31 10.000 Accounts receivable Tultion fees eamed 10,000 IN 7 Dec 31 100 Salaries expense Salarios payable 180 2 8 8 Dec 31 Rent expense Prepaid runt Adjusted General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 67050 Dec 31 0 6 Dec 31 10,000 10,000 Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 8,950 Dec 31 7,350 1 Dec 31 2.450 4.900 Prepaid rent Professional library No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 4,000 Dec 31 51.000 Accumulated depreciation - Professional library Equipment No. Debit Credit No. Debit Credit Date Dec 31 Balance 20.400 30.600 Date Dec 31 Balance 54,000 4 Dec 31 10 200 Accounts payable Accumulated depreciation - Equipment Date Debit Credit No. Balance No. Date Debit Credit Balance Dec 31 Dec 31 10,800 16,200 34,000 3 Dec 31 5.400 Salaries payable Uncanned training tous No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 0 Dec 31 7 Dec 31 180 180 16.000 12.800 5 Dec 31 3.200 Common stock Retained earnings No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 7,000 Dec 31 98,000 Dividends Tuition fees eamed No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 51,800 Dec 31 127.000 6 Dec 31 10,000 137.000 Training fees earned Depreciation expense - Professional library No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 45,500 0 Dec 31 Dec 31 5 Dec 31 3.200 48.700 4 10.200 10,200 Depreciation expense Equipment Salaries expense No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 0 Dec 31 51,000 51.180 3 Dec 31 5,400 5.400 7 Dec 31 180 Insurance expense Rent expense No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 0 Dec 31 44,000 1 Dec 31 2,450 2.450 Advertising expense Utilities expense Date Debit Credit No. Balance No. Date Debit Credit Balance 6,750 Dec 31 6,200 Dec 31 General Ledger Account Cash Teaching supplies No. Date Debit Credit No. Date Debit Credit Balance Balance 67,050 Dec 31 Dec 31 8,950 Prepaid insurance Prepaid rent No. Date Debit Credit Balance No. Debit Credit Balance Date Dec 31 Dec 31 7,350 4,000 Professional library Credit No. Date Debit Balance No. Accumulated depreciation Professional library Date Debit Credit Balance Dec 31 20,400 Dec 31 51,000 Equipment No. Date Debit Credit No. Accumulated depreciation - Equipment Date Debit Credit Dec 31 Balance 54.000 Balance Dec 31 10,800 Accounts payable Debit Credit Uneamed training fees Debit Credit No. No. Dato Date Dec 31 Balance 34,400 Dec 31 Balance 16,000 Common stock Retained earnings No. Date Debit Credit Balance No. Date Debit Credit Dec 31 7,000 Dec 31 Balance 98,000 Dividends Tuition fees earned No. Date Debit Credit Balance No. Debit Date Dec 31 Credit Dec 31 51,800 Balance 127.000 Training fees camed Salaries expense No. Date Debit Credit Balance No. Date Debit Credit Dec 31 45 500 Dec 31 Balance 51.000 Accounts payable Unearned training fees No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 34.400 Dec 31 16,000 Common stock Retained earnings No, Date Debit Credit No. Date Debit Credit Balance Dec 31 Balance 7.000 Dec 31 98.000 Dividends Tuition fees camned No. Date Debit Credit No. Date Debit Credit Balance Dec 31 Balance 51,800 Dec 31 127.000 Training fees wamed Salaries expense No. Date Debit Credit No. Date Debit Credit Balance Balance 45,500 Dec 31 Dec 31 51,000 Rent expense Advertising expens No. Date Debit Credit No. Date Debit Credit Balance Balance 44,000 Dec 31 Dec 31 6,200 Utilities expense No. Date Debit Credit Balance Dec 31 6750 (General Journal Trial Balance > Carter Technical Institute Trial Balance December 31, 2019 Account Title Debit Credit 5 67,050 22 10,000 8.950 4,900 4.000 51,000 30,600 54,000 16,200 34,400 180 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 Common stock Retained earnings Dividends Tuition fees earned Training fees eamed Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Advertising expense Duties expense Total 12,800 7.000 98,000 51,800 137.000 48.700 10,200 5,400 51,180 2.450 44,000 6,200 6,750 377.880 5 384.880 Unadjusted Carter Technical Institute Trial Balance December 31, 2017 Account Title Debit Credit $ 67,050 8,950 7.350 4,000 51,000 20,400 54,000 Cash Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Uneamed training fees Common stock Retained earnings Dividends Tuition fees earned Training fees samed Salaries expense Rent expense Advertising expense Utilities expense 10.800 34,400 16.000 7,000 98.000 51,800 127.000 45,500 51.000 44,000 6.200 6,750 352,100 $ Total 359,100 balances will appear for each account, based on your selection. Unadjusted Carter Technical Institute Income Statement For Year Ended December 31, 2019 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net income --- carned 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 list View journal entry worksheet No Date Account Title Debar Credit 1 Dec 31 Insurance expense Prepaid Insurance 2.450 2.450 2 Dec 31 Teaching supplies expense Teaching supplies 3 Dec 31 5.400 Depreciation expense-Equipment Accumulated depreciation Equipment 5.400 4 Dec 31 10,200 Depreciation expense Professional library Accumulated depreciation Professionallbrary 10,200 5 Dec 31 3.200 Uneamed training fees Training foes named 3.200 6 6 Dec 31 10.000 Accounts receivable Tultion fees eamed 10,000 IN 7 Dec 31 100 Salaries expense Salarios payable 180 2 8 8 Dec 31 Rent expense Prepaid runt Adjusted General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 67050 Dec 31 0 6 Dec 31 10,000 10,000 Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 8,950 Dec 31 7,350 1 Dec 31 2.450 4.900 Prepaid rent Professional library No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 4,000 Dec 31 51.000 Accumulated depreciation - Professional library Equipment No. Debit Credit No. Debit Credit Date Dec 31 Balance 20.400 30.600 Date Dec 31 Balance 54,000 4 Dec 31 10 200 Accounts payable Accumulated depreciation - Equipment Date Debit Credit No. Balance No. Date Debit Credit Balance Dec 31 Dec 31 10,800 16,200 34,000 3 Dec 31 5.400 Salaries payable Uncanned training tous No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 0 Dec 31 7 Dec 31 180 180 16.000 12.800 5 Dec 31 3.200 Common stock Retained earnings No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 7,000 Dec 31 98,000 Dividends Tuition fees eamed No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 51,800 Dec 31 127.000 6 Dec 31 10,000 137.000 Training fees earned Depreciation expense - Professional library No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 45,500 0 Dec 31 Dec 31 5 Dec 31 3.200 48.700 4 10.200 10,200 Depreciation expense Equipment Salaries expense No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 0 Dec 31 51,000 51.180 3 Dec 31 5,400 5.400 7 Dec 31 180 Insurance expense Rent expense No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 0 Dec 31 44,000 1 Dec 31 2,450 2.450 Advertising expense Utilities expense Date Debit Credit No. Balance No. Date Debit Credit Balance 6,750 Dec 31 6,200 Dec 31 General Ledger Account Cash Teaching supplies No. Date Debit Credit No. Date Debit Credit Balance Balance 67,050 Dec 31 Dec 31 8,950 Prepaid insurance Prepaid rent No. Date Debit Credit Balance No. Debit Credit Balance Date Dec 31 Dec 31 7,350 4,000 Professional library Credit No. Date Debit Balance No. Accumulated depreciation Professional library Date Debit Credit Balance Dec 31 20,400 Dec 31 51,000 Equipment No. Date Debit Credit No. Accumulated depreciation - Equipment Date Debit Credit Dec 31 Balance 54.000 Balance Dec 31 10,800 Accounts payable Debit Credit Uneamed training fees Debit Credit No. No. Dato Date Dec 31 Balance 34,400 Dec 31 Balance 16,000 Common stock Retained earnings No. Date Debit Credit Balance No. Date Debit Credit Dec 31 7,000 Dec 31 Balance 98,000 Dividends Tuition fees earned No. Date Debit Credit Balance No. Debit Date Dec 31 Credit Dec 31 51,800 Balance 127.000 Training fees camed Salaries expense No. Date Debit Credit Balance No. Date Debit Credit Dec 31 45 500 Dec 31 Balance 51.000 Accounts payable Unearned training fees No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 34.400 Dec 31 16,000 Common stock Retained earnings No, Date Debit Credit No. Date Debit Credit Balance Dec 31 Balance 7.000 Dec 31 98.000 Dividends Tuition fees camned No. Date Debit Credit No. Date Debit Credit Balance Dec 31 Balance 51,800 Dec 31 127.000 Training fees wamed Salaries expense No. Date Debit Credit No. Date Debit Credit Balance Balance 45,500 Dec 31 Dec 31 51,000 Rent expense Advertising expens No. Date Debit Credit No. Date Debit Credit Balance Balance 44,000 Dec 31 Dec 31 6,200 Utilities expense No. Date Debit Credit Balance Dec 31 6750 (General Journal Trial Balance > Carter Technical Institute Trial Balance December 31, 2019 Account Title Debit Credit 5 67,050 22 10,000 8.950 4,900 4.000 51,000 30,600 54,000 16,200 34,400 180 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 Common stock Retained earnings Dividends Tuition fees earned Training fees eamed Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Advertising expense Duties expense Total 12,800 7.000 98,000 51,800 137.000 48.700 10,200 5,400 51,180 2.450 44,000 6,200 6,750 377.880 5 384.880 Unadjusted Carter Technical Institute Trial Balance December 31, 2017 Account Title Debit Credit $ 67,050 8,950 7.350 4,000 51,000 20,400 54,000 Cash Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Uneamed training fees Common stock Retained earnings Dividends Tuition fees earned Training fees samed Salaries expense Rent expense Advertising expense Utilities expense 10.800 34,400 16.000 7,000 98.000 51,800 127.000 45,500 51.000 44,000 6.200 6,750 352,100 $ Total 359,100 balances will appear for each account, based on your selection. Unadjusted Carter Technical Institute Income Statement For Year Ended December 31, 2019 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net income