Answered step by step
Verified Expert Solution
Question
1 Approved Answer
anyone to help me with a balance sheet? GLO302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Taylor Technical Institute (TTI),
anyone to help me with a balance sheet?
GLO302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Taylor Technical Institute (TTI), a school owned by Greg Taylor, provides training to individuals who pay tuition directly to the school TTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2022. is found on the trial balance tab. TTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31 follow. a. An analysis of TTi's Insurance policies shows that $2,500 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,320 are available at year-end. c. Annual depreciation on the equipment is $5,800. d. Annual depreciation on the professional library is $11,000. e. On November 1, TTI agreed to do a special six-month course (starting immediately) 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 Unearned Training Fees account was credited. f. On October 15, TTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,200 of the tuition has been earned by TTI 9. TTi's two employees are paid weekly. As of the end of the year , two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December Balance Sheet Income Statement Impact on income General Journal General Ledger St of Retained Earnings Trial Balance Requirement 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. Include all balance sheet accounts, even those with zero balances Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started