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taylor technical institute (tti)

GL0302 (Algo) - Bosed on Problem 3-3A LO P1, P2, P3, P4, P5 Taylor Technical Instrivte (TII), a school owned by Greg Taylor, provides training to individuals who pay tuition directly to the schoof TTi also offers training to groups in off-ste locations. Its unadjusted trial balance as of December 31,2022 , is found on the trial balance tab. TT initially records prepaid expenses and uneamed revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow a. An analysis of TIIs insurance policies shows that $2,500 of coverage has expired b. An inventory count shows that teaching supplies costing $3,320 are avalable at year-end c. Annual depreciation on the equipment is 55,800 d. Annual depreciation on the professionat library is $11,000 e. On November 1 . Thl agreed to do a special six-month course (starting immedately) for a client The contract calls for a monthly fee of $3,000, and the client paid the first five months' fees in advance. When the cash was received, the Uneamed Training Fees account was credited f. On October 15, Th agreed to teach a four month class (beginning immeclately) for an executive with paymient cue at the end of the closs. At December 31, $4,200 of the tuation has been carned by 17 9. TIIs fwo emplogees are paid weckly. As of the end of the yeac, two days' salories have accrued at the rate of 5160 per day for. each employed: h. The balance in the Prepaid Rert sccount represents rent for Deceinber. General Journal tab - for transacison a h, revew the unadjusted balance and prepare the adjusting entry necesaary to correctly repoit the revenue earned or the expense incurred. After adjusting the accounts, revien the financiat statements for accuracy. General l edger tab - Fach journal entry is posted automatically to the general ledgec. Ule the drop donn button to view the unadjueteis of adjusted balances. Trial Bafance tab - You may view either the unadjulued ar adjusted trial bulance by cheoshg from the dropdown box below. Your choice will determine the reperted values on the finandal statement tabs fucome stafement tab - Use the drop downe to select the accounts properly included on the inceme statement. The unadjusted or adjusted balances mill appear for each account, based on your selection. Statement of Retained earnings tab - The unadjusted or adjusted bulances vill appear for each account. bated on your selection. Ralancer sheet tab - Use the drop-downs to velect the accounts properly included on the balance sheet, The unadjuated at adjusted balances. will appear for each account, based on your selection. Impact on Income fab - For each adjustment ind cate the inceme statement and batance sheet account affected, and the Impact on net incorme. If an adjustment coused net Income to decrease, enter the amount as a negative value. Net lincome before adjustments can be found on the income statement bb. (Hint: Select unudjusted on the dropdesn.) GL0302 (Algo) - Bosed on Problem 3-3A LO P1, P2, P3, P4, P5 Taylor Technical Instrivte (TII), a school owned by Greg Taylor, provides training to individuals who pay tuition directly to the schoof TTi also offers training to groups in off-ste locations. Its unadjusted trial balance as of December 31,2022 , is found on the trial balance tab. TT initially records prepaid expenses and uneamed revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow a. An analysis of TIIs insurance policies shows that $2,500 of coverage has expired b. An inventory count shows that teaching supplies costing $3,320 are avalable at year-end c. Annual depreciation on the equipment is 55,800 d. Annual depreciation on the professionat library is $11,000 e. On November 1 . Thl agreed to do a special six-month course (starting immedately) for a client The contract calls for a monthly fee of $3,000, and the client paid the first five months' fees in advance. When the cash was received, the Uneamed Training Fees account was credited f. On October 15, Th agreed to teach a four month class (beginning immeclately) for an executive with paymient cue at the end of the closs. At December 31, $4,200 of the tuation has been carned by 17 9. TIIs fwo emplogees are paid weckly. As of the end of the yeac, two days' salories have accrued at the rate of 5160 per day for. each employed: h. The balance in the Prepaid Rert sccount represents rent for Deceinber. General Journal tab - for transacison a h, revew the unadjusted balance and prepare the adjusting entry necesaary to correctly repoit the revenue earned or the expense incurred. After adjusting the accounts, revien the financiat statements for accuracy. General l edger tab - Fach journal entry is posted automatically to the general ledgec. Ule the drop donn button to view the unadjueteis of adjusted balances. Trial Bafance tab - You may view either the unadjulued ar adjusted trial bulance by cheoshg from the dropdown box below. Your choice will determine the reperted values on the finandal statement tabs fucome stafement tab - Use the drop downe to select the accounts properly included on the inceme statement. The unadjusted or adjusted balances mill appear for each account, based on your selection. Statement of Retained earnings tab - The unadjusted or adjusted bulances vill appear for each account. bated on your selection. Ralancer sheet tab - Use the drop-downs to velect the accounts properly included on the balance sheet, The unadjuated at adjusted balances. will appear for each account, based on your selection. Impact on Income fab - For each adjustment ind cate the inceme statement and batance sheet account affected, and the Impact on net incorme. If an adjustment coused net Income to decrease, enter the amount as a negative value. Net lincome before adjustments can be found on the income statement bb. (Hint: Select unudjusted on the dropdesn.)