Journal entry worksheet 8 An analysis of NTI's insurance policies shows that $2,950 of coverage has expired. Note: Enter debits before credits. Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Include all balance sheet accounts, even those with zero balances. h. The balance in the Prepaid Rent account represents rent for December. The unadjusted or adjusted balances will appear for each account, based on your selection. General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 81,025 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Teaching supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 9,450 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepaid insurance } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 11,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepaid rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 3,200 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Professional library } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 39.000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated depreciation - Professional ibrary } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 15,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 42,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated depreciation - Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 8.400 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & December 31 & & & 32,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Unearned training fees } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 16,000 \\ \hline \end{tabular} $2,950 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,960 are available at year-end. c. Annual depreciation on the equipment is $4,200. d. Annual depreciation on the professional library is $7,800. e. On November 1, NTI 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. f. On October 15, NTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31,$3,200 of the tuition has been earned by NTI. g. NTI's two employees are paid weekly. As of the end of the yeat, two days' salaries have accrued at the rate of $180 per day for each employee: h. The balance in the Prepaid Rent accounht represents rent for December. General Journal tab - For transactions a-h, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. General Ledger tab - Each journal entry is posted automatically to the general ledger, Use the drop-down button to view the unadjusted or adjusted balances
