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I need help doing the adjustments and adjusted trial balance. Thank yall so much Attached you will find the unadjusted trial balance for Real Time
I need help doing the adjustments and adjusted trial balance. Thank yall so much
Attached you will find the unadjusted trial balance for Real Time University Inc (RTI) as of December 31, 2011. The university offers on -line training courses in business to individuals who must pay the university prior to the course commencement date RTI records expenses paid in advance as assets and revenues received in advance as liabilities RIT year end is December 31, 2011 Additional information You discovered the following additional information which may affect the financial statements You must review this information and determine if adjusting entries are needed Adjusting entries must be recorded in the general journal entered on the worksheet which is provided. Information for adjustment 1. An analysis of the prepaid insurance shows that S6, 400 of coverage has expired. 2 At year end a count shows that teaching supplies costing $2,500 are still on hand. 3. On October 1 RIT agreed to teach a special four month training class for a corporate customer beginning immediately and received $27,600 in advance At December 31 three months of the course were completed. 4. RIT has one professor who is paid weekly. As of December 31 his professor has worked three days at a rate of $180 per day. These wages will be paid January 2 2012 Required 1. Record the adjusting entries in the general journal provided. 2 Complete the worksheet. 3 Prepare the Income statement in good form. 4. Prepare statement of retained earnings in good form. 5. Prepare the balance sheet in good form Use the blank sheets attached for the financial statements 6. Record the closing entries 7. Compute earnings per share if the company has 1,000 shares of stockStep by Step Solution
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