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Parker Technical Institute ( PTI ) , a school owned by Paula Parker, provides training to individuals who pay tuition directly to the school. PTI
Parker Technical Institute PTI a school owned by Paula Parker, provides training to individuals who pay tuition directly to the school. PTI also offers training to groups in offsite locations. Its unadjusted trial balance as of December is found on the trial balance tab. PTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December
a An analysis of PTI's insurance policies shows that $ of coverage has expired.
b An inventory count shows that teaching supplies costing $ are available at yearend.
c Annual depreciation on the equipment is $
d Annual depreciation on the professional library is $
e On September PTI agreed to do five courses for a client for $ each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $ cash in advance for all five courses on September and PTI credited Unearned Training Fees.
f On October PTI agreed to teach a fourmonth class beginning immediately for an executive with payment due at the end of the class. At December $ of the tuition has been earned by PTI.
g PTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $ per day for each employee.
h The balance in the Prepaid Rent account represents rent for December. what does the balance sheet look like?
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