Help Save GLO302 Based on Problem 3-3A LO A1, P1, P3 Hall Technical Institute (HTI, a school owned by Debbie Hall, provides training to individuals who pay tuition directly to the school HTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 is found on the trial balance tab. HTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions ofitems a through h that require adjusting entries on December 31, 2017 follow. a. An analysis of HTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.360 are available at year-end 2017 c. Annual depreciation on the equipment is $6.000. d. Annual depreciation on the professional library is $11.400. e. On November 1, HTI 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. The fee for the sixth month will be recorded when it is collected in 2018 October 15, HTI agreed to teach a four-month class (beginning immediately for an individual for $3000 tuition per month payable started on October 15, but no payment has yet been received (HTis accruals are applied at the end of the class. The class f to the nearest half-month: example, October one-half month accrual) accrued at the rate of $180 per day for each two employees are paid weekly. As of the end of the year, two days' salaries have g. h. employee rent for December The balance in the Prepaid Rent account represents Ledger use the drop-downs to select the accounts properly on the income statement, The unadjusted or adjusted included balances will appear for each account, based on your selection. Help Save GLO302 Based on Problem 3-3A LO A1, P1, P3 Hall Technical Institute (HTI, a school owned by Debbie Hall, provides training to individuals who pay tuition directly to the school HTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 is found on the trial balance tab. HTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions ofitems a through h that require adjusting entries on December 31, 2017 follow. a. An analysis of HTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.360 are available at year-end 2017 c. Annual depreciation on the equipment is $6.000. d. Annual depreciation on the professional library is $11.400. e. On November 1, HTI 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. The fee for the sixth month will be recorded when it is collected in 2018 October 15, HTI agreed to teach a four-month class (beginning immediately for an individual for $3000 tuition per month payable started on October 15, but no payment has yet been received (HTis accruals are applied at the end of the class. The class f to the nearest half-month: example, October one-half month accrual) accrued at the rate of $180 per day for each two employees are paid weekly. As of the end of the year, two days' salaries have g. h. employee rent for December The balance in the Prepaid Rent account represents Ledger use the drop-downs to select the accounts properly on the income statement, The unadjusted or adjusted included balances will appear for each account, based on your selection
