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GL 0 3 0 2 ( Algo ) - Based on Problem 3 - 3 A LO P 1 , P 2 , P 3

GL0302(Algo)- Based on Problem 3-3A LO P1, P2, P3, P4, P5
Gonzalez Technical Institute (GTI), a school owned by Maria Gonzalez, 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 31,2022, is found on the trial balance tab. GTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow.
a. An analysis of GTI's insurance policies shows that $2,600 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,960 are available at year-end.
c. Annual depreciatiofio on the equipment is $7,200.
d. Annual depreciation on the professional library is $10,600.
e. On November 1, GTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $3,200, 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, GTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,800 of the tuition has been earned by GTI.
g. GTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $180 per day for each employee.
h. The balance in the Prepaid Rent account represents rent for December.
\table[[Requirement,\table[[General],[Journal]],\table[[General],[Ledger]],Trial Balance,\table[[Income],[Statement]],\table[[St of Retained],[Earnings]],Balance Sheet,\table[[Impact on],[income]]]]
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
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