GL0302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Perry Technical institute (PTI), a school owned by Kathy Perry, 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, 2020 is found on the trial balance tab. PT initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31 follow o. An analysis of PTI's insurance policies shows that $2,850 of coverage has expired b. An inventory count shows that teaching supplies costing $3,880 are available at year-end. c. Annual depreciation on the equipment is $3.800 d. Annual depreciation on the professional library is $7.000 .. on November 1, PT agreed to do a special six month course starting immediately) for a client. The contract calls for a monthly tee of $2,800, and the client paid the first five months' fees in advance. When the cash was received the Unearned revenue account t. on October 15, PTI agreed to teach four month class (beginning immediately for an executive with payment due at the end of the class. At December 31, 510.500 ofte tuition revenue has been cared by PTI 9. PTI's two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $240 per clay for each employee h. The balance in the Prepaid Rent account represents tent for December was credited No Date Account Title Debit Credit 1 Dec 31 Insurance expense Prepaid insurance 2,850 2,850 . 2 Dec 31 Teaching supplies expense Teaching supplies 3,880 3,880 3 Dec 31 Depreciation expense - Equipment Accumulated depreciation - Equipment 3,800 3,800 4 Dec 31 Depreciation expense - Professional library Accumulated depreciation - Professional library 7.000 7,000 5 Dec 31 Unearned revenue Training revenue 2.800 2.800 6 Dec 31 Accounts receivable Tuition revenue 10.500 10.500 Adjusted General Ledger Account Cash Accounts receivable No. Debit Date Dec 31 Credit Balance 66 025 No. Debit Credit Date Dec 31 Dec 31 Balance 0 10,500 6 10.500 Teaching supplies Debit Credit No. Prepaid insurance Debit Credit No. Date Dec 31 Dec 31 Balance 9,350 5,470 Date Dec 31 Dec 31 2 Balance 14,250 11,400 3,880 1 2.850 Prepaid rent Debit No. Credit Date Dec 31 Balance Professional library Debit Credit No. 4.200 Date Dec 31 Balance 35,000 No. Accumulated depreciation - Professional library Date Debit Credit Balance Dec 31 14.000 nan 21 7000 Equipment Debit No. Date Dec 31 Credit Balance 1 210 December 31, 2020 Debit Credit 66,025 10,500 5,470 11,400 4,200 35.000 21,000 38,000 2 2 2 ? ? ? ? ? Account Title Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividonds Tuition revenue Training revenue Depreciation exponse. Professional library Depreciation expense - Equipment casavnanta ho 11,400 29,600 240 11.200 9,000 85.000 54.200 137.500 48.300 7.000 BA Adjusted Perry Technical Institute Income Statement For Year Ended December 31, 2020 $ 0 0 0 0 0 0 0 0 0 0 0 O O 0 Net income GL0302 (Algo) - Based on Problem 3-3A LO P1, P2, P3, P4, P5 Perry Technical institute (PTI), a school owned by Kathy Perry, 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, 2020 is found on the trial balance tab. PT initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31 follow o. An analysis of PTI's insurance policies shows that $2,850 of coverage has expired b. An inventory count shows that teaching supplies costing $3,880 are available at year-end. c. Annual depreciation on the equipment is $3.800 d. Annual depreciation on the professional library is $7.000 .. on November 1, PT agreed to do a special six month course starting immediately) for a client. The contract calls for a monthly tee of $2,800, and the client paid the first five months' fees in advance. When the cash was received the Unearned revenue account t. on October 15, PTI agreed to teach four month class (beginning immediately for an executive with payment due at the end of the class. At December 31, 510.500 ofte tuition revenue has been cared by PTI 9. PTI's two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $240 per clay for each employee h. The balance in the Prepaid Rent account represents tent for December was credited No Date Account Title Debit Credit 1 Dec 31 Insurance expense Prepaid insurance 2,850 2,850 . 2 Dec 31 Teaching supplies expense Teaching supplies 3,880 3,880 3 Dec 31 Depreciation expense - Equipment Accumulated depreciation - Equipment 3,800 3,800 4 Dec 31 Depreciation expense - Professional library Accumulated depreciation - Professional library 7.000 7,000 5 Dec 31 Unearned revenue Training revenue 2.800 2.800 6 Dec 31 Accounts receivable Tuition revenue 10.500 10.500 Adjusted General Ledger Account Cash Accounts receivable No. Debit Date Dec 31 Credit Balance 66 025 No. Debit Credit Date Dec 31 Dec 31 Balance 0 10,500 6 10.500 Teaching supplies Debit Credit No. Prepaid insurance Debit Credit No. Date Dec 31 Dec 31 Balance 9,350 5,470 Date Dec 31 Dec 31 2 Balance 14,250 11,400 3,880 1 2.850 Prepaid rent Debit No. Credit Date Dec 31 Balance Professional library Debit Credit No. 4.200 Date Dec 31 Balance 35,000 No. Accumulated depreciation - Professional library Date Debit Credit Balance Dec 31 14.000 nan 21 7000 Equipment Debit No. Date Dec 31 Credit Balance 1 210 December 31, 2020 Debit Credit 66,025 10,500 5,470 11,400 4,200 35.000 21,000 38,000 2 2 2 ? ? ? ? ? Account Title Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividonds Tuition revenue Training revenue Depreciation exponse. Professional library Depreciation expense - Equipment casavnanta ho 11,400 29,600 240 11.200 9,000 85.000 54.200 137.500 48.300 7.000 BA Adjusted Perry Technical Institute Income Statement For Year Ended December 31, 2020 $ 0 0 0 0 0 0 0 0 0 0 0 O O 0 Net income