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Garcia Technical Institute (GTI), a school owned by Jose Garcia, provides training to individuals who pay tuition directly to the school GTI also offers training

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Garcia Technical Institute (GTI), a school owned by Jose Garcia, provides training to individuals who pay tuition directly to the school GTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. GTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31 a. An analysis of GTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $3120 are available at year-end c. Annual depreciation on the equipment is $6,400 d. Annual depreciation on the professional library is $12,200. e On September 1, GTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and GTI credited Unearned Training Fees 1. On October 15, GTI agreed to teach a four-month class (beginning immediately for an executive with payment cue at the end of the class. At December 31, $8,000 of the tuition has been earned by GTI 9. GTI's two employees are paid weekly. As of the end of the year, two days' sataries have accrued at the rate of 5460 per day for each employee h. The balance in the Prepaid Rent account represents rent for December General Requirement General Income Trial Balance St Owner Journal Impact on Ledger Statement Balance Sheet Equity Income General Journal tab For transactions a-h review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense Incurred. After adjusting the accounts, review the financial statements for accuracy General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop down button to view the unadjusted or adjusted balances Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement tab Use the drop-downs to select the accounts properly included on the income statement The unadjusted or adjusted balances will appear for each account, based on your selection. Statement of Owner's Equity tab - The unadjusted or adjusted balances will appear for each account, based on your selection, Balance Sheet tab - 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 Impact on Income tab - 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 dropdown.) General Journal > The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries in the middle columns and (2) completing the post-closing trial balance columns SALON MARKETING CO. Work Sheet No. Account Title 101 Cash 106 Accounts receivable 153 Equipment 154 Accumulated depreciation Equipment 183 Land 201 Accounts payable 209 Salaries payable 233 Unearned fees 301 E. Salon, Capital 302 E Salon, Withdrawals 401 Marketing fees earned 611 Depreciation expense-Equipment 622 Salaries expense Adjusted Trial Balance Closing Entry Information Post Closing Trial Balance Dr. Cr. Dr. Cr. Dr. CI. $ 12,200 25,000 42.000 $ 17,500 31,000 15,000 4,200 3.600 75,802 15,400 60.900 12.000 24 238 Slov Garcia Technical Institute (GTI), a school owned by Jose Garcia, provides training to individuals who pay tuition directly to the school GTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. GTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31 a. An analysis of GTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $3120 are available at year-end c. Annual depreciation on the equipment is $6,400 d. Annual depreciation on the professional library is $12,200. e On September 1, GTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and GTI credited Unearned Training Fees 1. On October 15, GTI agreed to teach a four-month class (beginning immediately for an executive with payment cue at the end of the class. At December 31, $8,000 of the tuition has been earned by GTI 9. GTI's two employees are paid weekly. As of the end of the year, two days' sataries have accrued at the rate of 5460 per day for each employee h. The balance in the Prepaid Rent account represents rent for December General Requirement General Income Trial Balance St Owner Journal Impact on Ledger Statement Balance Sheet Equity Income General Journal tab For transactions a-h review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense Incurred. After adjusting the accounts, review the financial statements for accuracy General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop down button to view the unadjusted or adjusted balances Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement tab Use the drop-downs to select the accounts properly included on the income statement The unadjusted or adjusted balances will appear for each account, based on your selection. Statement of Owner's Equity tab - The unadjusted or adjusted balances will appear for each account, based on your selection, Balance Sheet tab - 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 Impact on Income tab - 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 dropdown.) General Journal > The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries in the middle columns and (2) completing the post-closing trial balance columns SALON MARKETING CO. Work Sheet No. Account Title 101 Cash 106 Accounts receivable 153 Equipment 154 Accumulated depreciation Equipment 183 Land 201 Accounts payable 209 Salaries payable 233 Unearned fees 301 E. Salon, Capital 302 E Salon, Withdrawals 401 Marketing fees earned 611 Depreciation expense-Equipment 622 Salaries expense Adjusted Trial Balance Closing Entry Information Post Closing Trial Balance Dr. Cr. Dr. Cr. Dr. CI. $ 12,200 25,000 42.000 $ 17,500 31,000 15,000 4,200 3.600 75,802 15,400 60.900 12.000 24 238 Slov

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