LewIs Technical Institute (LTI), a school owned by Sharon LewIs, provides training to Individuals who pay tultion directly to the school. LTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31,2022 , is found on the trial balance tab. LTI Initially records prepald 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 policles shows that $2,550 of coverage has explred. b. An inventory count shows that teaching supplies costing $3,640 are avallable at year-end. c. Annual depreclation on the equipment is $4,200. d. Annual depreciation on the professional library is $7,800. e. On November 1, LTI agreed to do a speclal slx-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,600, and the client pald the first five months' fees in advance. When the cash was recelved, the Unearned Training Fees account was credited. f. On October 15, LTI agreed to teach a four-month class (beginning Immedlately) for an executive with payment due at the end of the class. At December 31,$3,000 of the tultion has been earned by LTI. g. LTI's two employees are pald weekly. As of the end of the year, two days' salarles have accrued at the rate of $220 per day for each employee. h. The balance in the Prepald Rent account represents rent for December. For transactions ah, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet An analysis of LTI's insurance policies shows that 52,550 of coverage has expired. Note: Enter debits before credits. Journal entry worksheet Annual depreciation on the professional library is $7,800. Note: Enter debits before credits. Journal entry worksheet 1 56 Annual depreciation on the equipment is $4,200. Note: Enter debits before credits. Journal entry worksheet 5678 An inventory count shows that teaching supplies costing $3,640 are available at year-end. Note: Enter debits before credits. Journal entry worksheet 123456 The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits. Journal entry worksheet LTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $220 per day for each employee. Note: Enter debits before credits. Journal entry worksheet 12 8 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,$3,000 of the tuition has been earned by LTI. Note: Enter debits before credits. Journal entry worksheet 123 8 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 $2,600, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. Note: Enter debits before credits
