Intermediate Accounting

Prepare the necessary adjusting journal entries for each item in a through h on the Journal General Form. a. An analysis of the Institute's insurance policies shows that $9,500 of insurance coverage has expired. b. An inventory count shows that teaching supplies worth $20,000 are available at year-end. c. Annual depreciation on the equipment is $5,000. d. The Institute's only employee is paid weekly. As of the end of the year, three days' salaries have accrued at the rate of $150 per day. e. The balance in the Prepaid Rent account represents rent for December. f. On October 15, the Institute agreed to teach a four-month class (beginning immediately) to an executive with payment due at the end of the class. On December 31,$5,750 of the tuition revenue has been earned by the Institute. g. On November 1 , the Institute agreed to do a special two -month training course (staring immediately) for a client. The contract calls for a $14,300 monthly fee, and the client paid the two months' training fees in advance. When the cash was received, the Unearned revenue account was credited. h. Annual depreciation on the professional library is $2,400