Adjusted Trial Balance: Debit: 360,700 /Credit: 369,100
UnAdjusted Trial Balance: Debit: 346,300/Credit: 346,300
Sanchez Technical Institute (STI), a school owned by Carlos Sanchez, provides training to individuals who pay tultion directly to the school. STI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31 , is found on the trial balance tab. STI 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 STI's insurance policies shows that $2,700 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,480 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the professional library is $9,400. e. On September 1 , STI agreed to do five courses for a client for $2,800 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 $14,000 cash in advance for all five courses on September 1, and STI credited Unearned Training Fees. f. On October 15, STI 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 STI. g. STl's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $240 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. 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 "record entry". Journal entry worksheet An inventory count shows that teaching supplies costing $3,480 are available at year-end 2017. Note: Enter debits before credits. Sanchez Technical Institute (STI), a school owned by Carlos Sanchez, provides training to individuals who pay tultion directly to the school. STI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31 , is found on the trial balance tab. STI 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 STI's insurance policies shows that $2,700 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,480 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the professional library is $9,400. e. On September 1 , STI agreed to do five courses for a client for $2,800 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 $14,000 cash in advance for all five courses on September 1, and STI credited Unearned Training Fees. f. On October 15, STI 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 STI. g. STl's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $240 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. 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 "record entry". Journal entry worksheet An inventory count shows that teaching supplies costing $3,480 are available at year-end 2017. Note: Enter debits before credits
