An inventory count shows that teaching supplies costing 3640 are available at year-end 2017. The balance in the Prepaid Rent account rent for December.

GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P6 Lewis Technical Institute (LTI), a school owned by Sharon Lewis, provides training to individuals who pay tuition directly to the school. LTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab LTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. ces a. An analysis of LTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,640 are available at year-end. c. Annual depreciation on the equipment is $4,200. d. Annual depreciation on the professional library is $7,800. e. On September 1, LTI agreed to do five courses for a client for $2,600 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 $13,000 cash in advance for all five courses on September 1, and LTI credited Unearned Training Fees. f. On October 15, LTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $7,500 of the tuition has been earned by LTI. g. LTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $220 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December General General Income St Owner Impact on Requirement Journal Ledger Trial Balance Statement Equity Balance Sheet income Prey 1 of 4 Next > here to search O Fi W