Lee Technical Institute (LTI), a school owned by Hao Lee , provides training to individuals who pay tuition directly to the school. LTI 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. LTI initially records prepaid expenses and unearned revenues in balance sheet accounts . Descriptions of items a through h that require adjusting entries on December 31 follow a. An analysis of LTI's insurance policies shows that $2,650 of coverage has expired . b. An inventory count shows that teaching supplies costing $3,200 are available at year- end. c. Annual depreciation on the equipment is $6,800 . d. Annual depreciation on the professional library is $13,000 . e. On November 1, LTI agreed to do a special six-month course (starting immediately ) for a client . The contract calls for a monthly fee of $3,400 , 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 , LTI agreed to teach a four-month class (beginning immediately ) for an executive with payment due at the end of the class . At December 31, $3,600 of the tuition has been earned by LTI.9. LTL's two employees are paid weekly . As of the end of the year , two days ' salaries have accrued at the rate of $200 per day for each employee . h. The balance in the Prepaid Rent account represents rent for December

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Check my work Lee Technical Institute (LTI), a school owned by Hao Lee, provides training to individuals who pay tuition directly to the school. LTI 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. LTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. eBook a. An analysis of LTI's insurance policies shows that $2.650 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,200 are available at year-end. C. Annual depreciation on the equipment is $6,800. d. Annual depreciation on the professional library is $13,000. e. On November 1, UTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $3,400, 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, LTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,600 of the tuition has been earned by LTI. g. LTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $200 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December Print References Requirement General Journal General Ledger Trial Balance Income Statement St Retained Balance Sheet Impact on incor St Retained Earnings For transactions wh review the unadjusted balance and prepare the adjustin ERITY Necessary to correctly report the revenue ca incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you elick "record entry View transaction list View journal entry worksheet Account Title Credit Date Deo 31 Debit 2,650 linsurance expense Lee Technical Institute Trial Balance December 31, 2019 Account Title Debit Cash 57,000 11,700 5,300 3,600 65,000 68,000 Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned - Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Total 53,000 50,600 2.650 39,600 6.250 6.900 369,600 $ S Lee Technical Institute Trial Balance December 31, 2019 Account Title Credit lies nce Debit 57,000 11,700 5,300 3,600 65.000 wary epreciation - Professional library 26,000 68,000 epreciation - Equipment ble ing fees 1 13,600 30,800 17.000 9,000 91,000 1 - 53,000 134,000 45,000 arned 11 ise 50,600 2,650 39,600 les expense 3.200 sense 6.250 6,000 369,600 369,600 Jovember 1. Li agreed to do a Special SIX MONU. Luusestay LUY, TUI U UNUI ract calls for a monthly fee of $3,400, and the client paid the first five months' fees in advance. in the cash was received, the Unearned Training Fees account was credited. October 15, LTI agreed to teach a four-month class (beginning immediately) for an executive with nent due at the end of the class. At December 31, $3.600 of the tuition has been earned by LTI. two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the of $200 per day for each employee. balance in the Prepaid Rent account represents rent for December. Answer is not complete. ement General Journal General Ledger Trial Balance St Retained Earnings Income Statement Balance Sheet Impact on income sactions ab, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue carned or 1 e incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry Date Account Title Credit Debit 2,650 Dec 31 Insurance expense Prepaid insurance 2,650 Dec 31 3,200 & Teaching supplies expense Teaching supplies 3,200