Need Help with Genral Journal, Income Staement, Balance sheet, and Impact on Income.

GL0302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 Allen Technical Institute (ATI), a school owned by Susan Allen, provides training to individuals who pay tuition directly to the school, ATI 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. ATI initially records prepaid expenses and uneared revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. a. An analysis of ATI's insurance policies shows that $2,650 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.440 are available at year-end. c. Annual depreciation on the equipment is $6,400. d. Annual depreciation on the professional library is $12.200. e. On November 1, ATI 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 poid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. f. On October 15, ATI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $8,500 of the tuition has been earned by ATI. g. ATI'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 h. The balance in the Prepaid Rent account represents rent for December Debit Credit No Date Account Title 2,650 1 Dec 31 Insurance expense Prepaid insurance IS 2,650 2 Dec 31 Teaching supplies expense Teaching supplies 9 6,400 3 Dec 31 Depreciation expense - Equipment Accumulated depreciation - Equipment 6,400 Dec 31 4 12,200 Depreciation expense - Professional library Accumulated depreciation - Professional library 12,200 5,200 5 Dec 31 Uneamed training fees Training fees earned 5,200 8,500 6 Dec 31 Accounts receively Tuition fees earned SIS 8,500 880 7 Dec 31 Salaries expense Salaries payable 880 8 Dec 31 Rent expense Prepaid rent AHWCTIVE PIL. General General Income St Retained Impact on Requirement Trial Balance Balance Sheet Journal Ledger Statement Earnings income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjus balances will appear for each account, based on your selection Adjusted Allen Technical Institute Income Statement For Year Ended December 31, 2019 $ 0 0 0 0 0 0 0 0 0 0 OO 1 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income 15 saints 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 Adjusted Allen Technical Institute Balance Sheet December 31, 2010 Assets Current assets O 0 0 0 0 0 Plant assets $ 0 0 0 0 Saved -3a 6 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not India General Journal Requirement General Ledger Trial Balance Income Statement St Retained Earnings Impact on income Balance Sheet For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Impact on net income $ (2.450) & (5,320) > (5,600) (10.600) Adjusted Account affecting the Adjusting entry related to: Income statement Balance Sheet a. Insurance Insurance expenso Prepaid Insurance b. Teaching supplies Teaching supplies expense Teaching supplies c. Depreciation - Depreciation expense- Accumulated depreciation - equipment Equipment Equipment Depreciation expense. Accumulated depreciation - d. Depreciation - library Professional library Professional library . Training foos Training fees earned Unearned training fees 1. Tuition Tuition fees earned Accounts receivable 9. Salaries Salaries expense Salaries payable h. Rent Rent expense Prepaid ront Total impact on income due to adjustments Net income before adjustments Net income after adjustments Had the adjustments not been prepared, income would have been overstated by BIO (5,600) X (10,000) (960) X (4,000) $ 44,530) (13,330) $ (62,575) (78.70)% Prey 1 of 1 Next