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Chapter 3 Homework Saved Help Save & Exit Submit Check my work GLO3-02 - Based on Problem 3-3A LO A1, P1, P3 2.5 Parker Technical Institute (PTI), a school owned by Paula Parker, provides training to individuals who pay tuition directly to the school. PTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found on the trial balance tab. PTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. points eBook Print References a. An analysis of PTI's insurance policies shows that $2,650 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,720 are available at year-end 2018. c. Annual depreciation on the equipment is $4,600. d. Annual depreciation on the professional library is $8,600. e. On November 1, PTI 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. The fee for the sixth month will be recorded when it is collected in 2019. f. On October 15, PTI agreed to teach a four-month class (beginning immediately) for an individual for $3,400 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received.(PTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. PTI'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. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Chapter 3 Homework i Saved Help Save & Exit Submit Check my work Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income 2.5 points For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less eBook Adjusted Print Impact on net income References Account affecting the: Income statement Balance Sheet Insurance expense Prepaid insurance Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments ...................................... Chapter 3 Homework i Saved Help Save & Exit Submit Check my work No Account Title Credit Date Dec 31 Debit 2,650 Insurance expense Prepaid insurance 2,650 2.5 points 2 Dec 31 9,150 Teaching supplies expense Teaching supplies 9,150 eBook Dec 31 4,600 Print Depreciation expense - Equipment Accumulated depreciation - Equipment 4,600 References Dec 31 8,600 Depreciation expense - Professional library Accumulated depreciation - Professional library 8,600 Dec 31 6,000 Unearned training fees Training fees earned 6,000 Dec 31 4,700 Accounts receivable Training fees earned 4,700 Dec 31 640 Salaries expense Salaries payable 640 Dec 31 3,400 Rent expense Prepaid rent 3,400 anaroddar December 31, 2018 Account Title Credit $ Debit 77,975 4,700 7.950 43,000 2.5 points 25,800 eBook 46,000 Print References 13,800 32,000 640 9,000 7,000 89,000 Cash Accounts receivable Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training fees Common stock *Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense *Advertising expense Utilities expense Total 53,000 131,000 54,200 8,600 4,600 51,040 2,650 40,800 9,150 6,025 6,950 362.440 $ R $ 362.440 balances will appear for each account, based on your selection. Adjusted 2.5 points Parker Technical Institute Income Statement For Year Ended December 31, 2018 eBook Revenues Tuition fees earned Training fees earned $ Print 131,000 54,200 0 References $ 185,200 Total revenues Expenses Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Depreciation expense - Professional library 51,040 2,650 40,800 9,150 6,025 6,950 8,600 4,600 Depreciation expense - Equipment 0 Total expenses Net income 129,815 55,385 $ December 31, 2018 Assets $ 2.5 points Current assets Cash Accounts receivable Prepaid insurance Teaching supplies 77,975 4,700 7,950 eBook Print 90,625 $ References $ 43,000 (46,000) (3,000) Total current assets Plant assets Professional library Equipment Professional library, net Accumulated depreciation - Professional library Accumulated depreciation - Equipment Equipment, net Total plant assets Total assets 25,800 (13,800) 12,000 9,000 99,625 $ Liabilities Current liabilities Accounts payable Salaries payable Unearned training fees $ 32,000 640 9,000 MC Chapter 3 Homework Saved Help Save & Exit Submit Check my work GLO3-02 - Based on Problem 3-3A LO A1, P1, P3 2.5 Parker Technical Institute (PTI), a school owned by Paula Parker, provides training to individuals who pay tuition directly to the school. PTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found on the trial balance tab. PTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. points eBook Print References a. An analysis of PTI's insurance policies shows that $2,650 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,720 are available at year-end 2018. c. Annual depreciation on the equipment is $4,600. d. Annual depreciation on the professional library is $8,600. e. On November 1, PTI 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. The fee for the sixth month will be recorded when it is collected in 2019. f. On October 15, PTI agreed to teach a four-month class (beginning immediately) for an individual for $3,400 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received.(PTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. PTI'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. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Chapter 3 Homework i Saved Help Save & Exit Submit Check my work Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income 2.5 points For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less eBook Adjusted Print Impact on net income References Account affecting the: Income statement Balance Sheet Insurance expense Prepaid insurance Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments ...................................... Chapter 3 Homework i Saved Help Save & Exit Submit Check my work No Account Title Credit Date Dec 31 Debit 2,650 Insurance expense Prepaid insurance 2,650 2.5 points 2 Dec 31 9,150 Teaching supplies expense Teaching supplies 9,150 eBook Dec 31 4,600 Print Depreciation expense - Equipment Accumulated depreciation - Equipment 4,600 References Dec 31 8,600 Depreciation expense - Professional library Accumulated depreciation - Professional library 8,600 Dec 31 6,000 Unearned training fees Training fees earned 6,000 Dec 31 4,700 Accounts receivable Training fees earned 4,700 Dec 31 640 Salaries expense Salaries payable 640 Dec 31 3,400 Rent expense Prepaid rent 3,400 anaroddar December 31, 2018 Account Title Credit $ Debit 77,975 4,700 7.950 43,000 2.5 points 25,800 eBook 46,000 Print References 13,800 32,000 640 9,000 7,000 89,000 Cash Accounts receivable Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training fees Common stock *Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense *Advertising expense Utilities expense Total 53,000 131,000 54,200 8,600 4,600 51,040 2,650 40,800 9,150 6,025 6,950 362.440 $ R $ 362.440 balances will appear for each account, based on your selection. Adjusted 2.5 points Parker Technical Institute Income Statement For Year Ended December 31, 2018 eBook Revenues Tuition fees earned Training fees earned $ Print 131,000 54,200 0 References $ 185,200 Total revenues Expenses Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Depreciation expense - Professional library 51,040 2,650 40,800 9,150 6,025 6,950 8,600 4,600 Depreciation expense - Equipment 0 Total expenses Net income 129,815 55,385 $ December 31, 2018 Assets $ 2.5 points Current assets Cash Accounts receivable Prepaid insurance Teaching supplies 77,975 4,700 7,950 eBook Print 90,625 $ References $ 43,000 (46,000) (3,000) Total current assets Plant assets Professional library Equipment Professional library, net Accumulated depreciation - Professional library Accumulated depreciation - Equipment Equipment, net Total plant assets Total assets 25,800 (13,800) 12,000 9,000 99,625 $ Liabilities Current liabilities Accounts payable Salaries payable Unearned training fees $ 32,000 640 9,000 MC