GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 Sanchez Technical Institute (STI), a school owned by Carlos Sanchez, provides training to individuals who pay tuition directly to the school. STI 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. STI 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 STI's insurance policies shows that $2,700 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,480 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the professional library is $9.400. e. On November 1, STI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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, STI agreed to teach a four-month class (beginning Immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by STL 9. STil's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $240 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December Answer is not complete. Requirement General General St Retained Income Journal Trial Balance Ledger Balance Sheet Statement Earnings The unadjusted or adjusted balances will appear for each account, based on your selection. Impact on income Adjusted Sanchez Technical Institute Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2019 Add: Not income Less: Dividends Retained earnings, December 31, 2019 IS 94,000 (51 200) 94 000 GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 Sanchez Technical Institute (STI), a school owned by Carlos Sanchez, provides training to individuals who pay tuition directly to the school. STI 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. STI 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 STI's insurance policies shows that $2,700 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,480 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. Annual depreciation on the professional library is $9.400. e. On November 1, STI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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, STI agreed to teach a four-month class (beginning Immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by STL 9. STil's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $240 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December Answer is not complete. Requirement General General St Retained Income Journal Trial Balance Ledger Balance Sheet Statement Earnings The unadjusted or adjusted balances will appear for each account, based on your selection. Impact on income Adjusted Sanchez Technical Institute Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2019 Add: Not income Less: Dividends Retained earnings, December 31, 2019 IS 94,000 (51 200) 94 000
