I have no idea for an Impact on income.

other charts seemI. I need to know

Income statement/ St retained earning / Balance sheet/ post closing

GLO3-02 - Based on Problem 3-3A Wells Technical Institute LO A1, P1, P3 Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI 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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2018. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, 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 2019. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. WTI's two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. ***** View transaction list View journal entry worksheet ....... No Date Account Title Debit Credit 1 Dec 31 2,400 Insurance expense Prepaid insurance 2,400 2 Dec 31 5,200 Teaching supplies expense Teaching supplies 5,200 3 Dec 31 13,200 Depreciation expense - Equipment Accumulated depreciation - Equipment 13.200 4 Dec 31 7,200 Depreciation expense - Professional library Accumulated depreciation - Professional library 7,200 5 Dec 31 5,000 Unearned training fees Training fees earned 5,000 6 Dec 31 Accounts receivable 7,500 Tuition fees earned 7,500 7 Dec 31 400 Salaries expense Salaries payable 400 8 Dec 31 3,000 Rent expense Prepaid rent 3,000 Adjusted General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 34,000 Dec 31 0 6 Dec 31 7,500 7,500 Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Dec 31 Dec 31 8,000 2,800 Balance 12,000 9,600 2 Dec 31 5,200 1 Dec 31 2,400 Prepaid rent Professional library No. Date Debit Credit No. Date Debit Credit Balance 3,000 Balance 35,000 Dec 31 Dec 31 8 Dec 31 3,000 0 Accumulated depreciation - Professional library Equipment No. Date Debit Credit No. Date Debit Credit Balance 10,000 17,200 Balance 80,000 Dec 31 Dec 31 4 Dec 31 7,200 Accumulated depreciation - Equipment Accounts payable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 15,000 Dec 31 26,000 3 Dec 31 13,200 28,200 Salaries payable Unearned training fees No. Date Debit Credit Balance No. Date Debit Credit Balance 12,500 Dec 31 0 Dec 31 Dec 31 7 Dec 31 400 400 5 5,000 7,500 Common stock Retained earnings No. Date Debit Credit No. Date Debit Credit Balance 10,000 Balance 80,0 Dividends Tuition fees earned No. Date Debit Credit No. Date Debit Credit Balance Balance 50,000 Dec 31 123,90 131,40 6 Dec 31 7,500 Training fees earned Depreciation expense - Professional library No. Date Debit Credit No. Date Debit Credit Balance Dec 31 Balance 40,000 45,000 Dec 31 Dec 31 5 Dec 31 5,000 4 7,200 7,20 Depreciation expense - Equipment Salaries expense No. Date Debit Credit Balance No. Date Debit Credit Dec 31 Balance 50,00 50,4 3 Dec 31 13,200 13,200 7 Dec 31 400 Insurance expense Rent expense No. Date Debit Credit Balance No. Date Debit Credit Balance 33,00 Dec 31 0 Dec 31 1 Dec 31 2,400 2,400 8 Dec 31 3,000 36,00 Advertising expense Teaching supplies expense Debit Credit No. Date Balance No. Date Debit Credit Balance 6,00 Dec 31 0 Dec 31 2 Dec 31 5,200 5,200 Utilities expense No. Date Debit Credit Balance 6,400 Dec 31 Adjusted Wells Technical Institute Trial Balance December 31, 2018 Account Title Debit Credit Cash $ 34,000 7,500 2,800 9,600 35,000 17,200 80,000 28,200 26,000 400 7,500 10,000 80,000 Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total 50,000 131,400 45,000 7,200 13,200 50,400 2,400 36,000 5,200 6,000 6,400 345,700 $ $ 345,700 Adjusted Wells Technical Institute Income Statement For Year Ended December 31, 2018 Revenues Training fees earned $ 45,000 Tuition fees earned 131,400 0 Total revenues $ 176,400 Expenses Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Utilities expense Advertising expense Depreciation expense - Professional library TEE 1 t tt 13,200 50,400 2,400 36,000 5,200 6,400 6,000 7,200 0 0 Total expenses Net income 126,800 49,600 $ S Requirement General Journal General Ledger Trial Balance Income Statement The unadjusted or adjusted balances will appear for each account, based Adjusted Wells Technical Institute Statement of Retained Earnings For Year Ended December 31, 2018 Retained earnings, December 31, 2017 Add: Net income 80,000 49,600 (50,000) 79,600 Less: Dividends Retained earnings, December 31, 2018 $ Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Use the drop-downs to select the accounts properly included on the balance sheet. The una balances will appear for each account, based on your selection. Include all balance sheet accounts zero balances, Adjusted Wells Technical Institute Balance Sheet December 31, 2018 Assets Current assets Cash $ 34,000 Accounts receivable Teaching supplies Prepaid insurance 7,500 2,800 9,600 0 0 Total current assets $ 53,900 Plant assets $ Professional library Accumulated depreciation - Professional library Professional library net 35,000 (17,200) 17 800 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Adjusted Account affecting the: Income statement Balance Sheet Impact on net income Adjusting entry related to: a. Insurance Insurance expense b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries $ 0 h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments 0 GLO3-02 - Based on Problem 3-3A Wells Technical Institute LO A1, P1, P3 Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI 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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2018. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, 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 2019. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. WTI's two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. ***** View transaction list View journal entry worksheet ....... No Date Account Title Debit Credit 1 Dec 31 2,400 Insurance expense Prepaid insurance 2,400 2 Dec 31 5,200 Teaching supplies expense Teaching supplies 5,200 3 Dec 31 13,200 Depreciation expense - Equipment Accumulated depreciation - Equipment 13.200 4 Dec 31 7,200 Depreciation expense - Professional library Accumulated depreciation - Professional library 7,200 5 Dec 31 5,000 Unearned training fees Training fees earned 5,000 6 Dec 31 Accounts receivable 7,500 Tuition fees earned 7,500 7 Dec 31 400 Salaries expense Salaries payable 400 8 Dec 31 3,000 Rent expense Prepaid rent 3,000 Adjusted General Ledger Account Cash Accounts receivable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 34,000 Dec 31 0 6 Dec 31 7,500 7,500 Teaching supplies Prepaid insurance No. Date Debit Credit Balance No. Date Debit Credit Dec 31 Dec 31 8,000 2,800 Balance 12,000 9,600 2 Dec 31 5,200 1 Dec 31 2,400 Prepaid rent Professional library No. Date Debit Credit No. Date Debit Credit Balance 3,000 Balance 35,000 Dec 31 Dec 31 8 Dec 31 3,000 0 Accumulated depreciation - Professional library Equipment No. Date Debit Credit No. Date Debit Credit Balance 10,000 17,200 Balance 80,000 Dec 31 Dec 31 4 Dec 31 7,200 Accumulated depreciation - Equipment Accounts payable No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 15,000 Dec 31 26,000 3 Dec 31 13,200 28,200 Salaries payable Unearned training fees No. Date Debit Credit Balance No. Date Debit Credit Balance 12,500 Dec 31 0 Dec 31 Dec 31 7 Dec 31 400 400 5 5,000 7,500 Common stock Retained earnings No. Date Debit Credit No. Date Debit Credit Balance 10,000 Balance 80,0 Dividends Tuition fees earned No. Date Debit Credit No. Date Debit Credit Balance Balance 50,000 Dec 31 123,90 131,40 6 Dec 31 7,500 Training fees earned Depreciation expense - Professional library No. Date Debit Credit No. Date Debit Credit Balance Dec 31 Balance 40,000 45,000 Dec 31 Dec 31 5 Dec 31 5,000 4 7,200 7,20 Depreciation expense - Equipment Salaries expense No. Date Debit Credit Balance No. Date Debit Credit Dec 31 Balance 50,00 50,4 3 Dec 31 13,200 13,200 7 Dec 31 400 Insurance expense Rent expense No. Date Debit Credit Balance No. Date Debit Credit Balance 33,00 Dec 31 0 Dec 31 1 Dec 31 2,400 2,400 8 Dec 31 3,000 36,00 Advertising expense Teaching supplies expense Debit Credit No. Date Balance No. Date Debit Credit Balance 6,00 Dec 31 0 Dec 31 2 Dec 31 5,200 5,200 Utilities expense No. Date Debit Credit Balance 6,400 Dec 31 Adjusted Wells Technical Institute Trial Balance December 31, 2018 Account Title Debit Credit Cash $ 34,000 7,500 2,800 9,600 35,000 17,200 80,000 28,200 26,000 400 7,500 10,000 80,000 Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total 50,000 131,400 45,000 7,200 13,200 50,400 2,400 36,000 5,200 6,000 6,400 345,700 $ $ 345,700 Adjusted Wells Technical Institute Income Statement For Year Ended December 31, 2018 Revenues Training fees earned $ 45,000 Tuition fees earned 131,400 0 Total revenues $ 176,400 Expenses Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Utilities expense Advertising expense Depreciation expense - Professional library TEE 1 t tt 13,200 50,400 2,400 36,000 5,200 6,400 6,000 7,200 0 0 Total expenses Net income 126,800 49,600 $ S Requirement General Journal General Ledger Trial Balance Income Statement The unadjusted or adjusted balances will appear for each account, based Adjusted Wells Technical Institute Statement of Retained Earnings For Year Ended December 31, 2018 Retained earnings, December 31, 2017 Add: Net income 80,000 49,600 (50,000) 79,600 Less: Dividends Retained earnings, December 31, 2018 $ Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Use the drop-downs to select the accounts properly included on the balance sheet. The una balances will appear for each account, based on your selection. Include all balance sheet accounts zero balances, Adjusted Wells Technical Institute Balance Sheet December 31, 2018 Assets Current assets Cash $ 34,000 Accounts receivable Teaching supplies Prepaid insurance 7,500 2,800 9,600 0 0 Total current assets $ 53,900 Plant assets $ Professional library Accumulated depreciation - Professional library Professional library net 35,000 (17,200) 17 800 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Adjusted Account affecting the: Income statement Balance Sheet Impact on net income Adjusting entry related to: a. Insurance Insurance expense b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries $ 0 h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments 0