Homework Help 2 GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 Book Srint erences 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 them a through h that require adjusting entries on December 31 a. An analysis of CTI's insurance policies shows that $2700 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 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 pald 516,000 cash in advance for all five courses on September 1, and Ti credited Uneamed 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 earned by CTI g. CTI's two employees are paid weekly As of the end of the year. two days salaries have accrued at the rate of 5180 per day for each employee h. The balance in the Prepaid Rent account represents rent for December St Owner Balance Sheet Impact on income General Ledger Trial Balance Income Statement General Journal Equity Requirement For transactions a-h review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue 12 of 13 Homework Help 2 GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 Book Srint erences 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 them a through h that require adjusting entries on December 31 a. An analysis of CTI's insurance policies shows that $2700 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 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 pald 516,000 cash in advance for all five courses on September 1, and Ti credited Uneamed 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 earned by CTI g. CTI's two employees are paid weekly As of the end of the year. two days salaries have accrued at the rate of 5180 per day for each employee h. The balance in the Prepaid Rent account represents rent for December St Owner Balance Sheet Impact on income General Ledger Trial Balance Income Statement General Journal Equity Requirement For transactions a-h review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue 12 of 13