GL0302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 1. Carter (Withdrawals), a school owned by Isaac Carter provides training to individuals who pay tuition directly to the school. Withdrawals 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. Withdrawals 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 Withdrawals's insurance policies shows that $2,450 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,560 are available at year-end. c. Annual depreciation on the equipment is $5,400. d. Annual depreciation on the professional library is $10,200. e. On November 1. Withdrawals agreed to do a speal 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, withdrawals agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,000 of the tuition has been earned by Withdrawals. g. Withdrawals'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, Requirement General General Income St Retained Journal Trial Balance Impact on Ledger Statement Balance Sheet Earnings income 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. Adjusted 1. Carter Balance Sheet December 31, 2019 GL0302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 1. Carter (Withdrawals), a school owned by Isaac Carter provides training to individuals who pay tuition directly to the school. Withdrawals 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. Withdrawals 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 Withdrawals's insurance policies shows that $2,450 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,560 are available at year-end. c. Annual depreciation on the equipment is $5,400. d. Annual depreciation on the professional library is $10,200. e. On November 1. Withdrawals agreed to do a speal 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, withdrawals agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,000 of the tuition has been earned by Withdrawals. g. Withdrawals'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, Requirement General General Income St Retained Journal Trial Balance Impact on Ledger Statement Balance Sheet Earnings income 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. Adjusted 1. Carter Balance Sheet December 31, 2019