part 2
part 3
part 3
1 Clark Technical Institute (CTI), a school owned by Jean Clark, provides training to individuals who pay tuition directly to the school. CTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. 01:54:31 a. An analysis of CTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,920 are available at year-end. c. Annual depreciation on the equipment is $7,000. d. Annual depreciation on the professional library is $10,200. e. On September 1, CTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and CTI credited Unearned Training Fees. f. On October 15, CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by CTI. g. CTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Requirement Unadjusted General Journal Net income General Ledger Trial Balance Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 Income Statement S 0 0 0 0 0 0 0 0 0 0 St Owner Equity 0 0 0 Balance Sheet Impact on income Requirement Unadjusted General Journal D: ----| B| Net income General Ledger 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance 130: Prepaid rent Trial Balance Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Clark Technical Institute Income Statement For Year Ended December 31 $ Income Statement Impact on income Requirement Unadjusted General Journal General Ledger Net income Trial Balance Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ 160: Professional library 161: Accumulated depreciation - Professional library 167: Equipment 168: Accumulated depreciation Equipment 201: Accounts payable Income Statement Impact on income Requirement Unadjusted General Journal Net income General Ledger Trial Balance 201: Accounts payable 209: Salaries payable 226: Unearned training fees 318: J. Clark, Capital 319: J. Clark, Withdrawals 403. Tuition fees earned Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ Income Statement Impact on income Requirement Unadjusted General Journal General Ledger Net income Trial Balance 403: Tuition fees earned Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ 406: Training fees earned 612: Depreciation expense - Professional library 616: Depreciation expense - Equipment 622: Salaries expense 637: Insurance expense Income Statement Impact on income Requirement Unadjusted General Journal General Ledger Net income Trial Balance Clark Technical Institute 637: Insurance expense 640: Rent expense 652: Teaching supplies expense 660: Advertising expense 690: Utilities expense Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ Income Statement Impact on income 1 Clark Technical Institute (CTI), a school owned by Jean Clark, provides training to individuals who pay tuition directly to the school. CTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. 8 01:51:14 a. An analysis of CTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,920 are available at year-end. c. Annual depreciation on the equipment is $7,000. d. Annual depreciation on the professional library is $10,200. e. On September 1, CTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and CTI credited Unearned Training Fees. f. On October 15, CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by CTI. g. CTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Requirement General Journal Unadjusted Y Current assets Current liabilities Assets 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance 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. Liabilities Equity General Ledger Total equity Total Liabilities & Equity Trial Balance Clark Technical Institute Balance Sheet December 31 $ $ Income Statement 1 Clark Technical Institute (CTI), a school owned by Jean Clark, provides training to individuals who pay tuition directly to the school. CTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. 01:50:49 a. An analysis of CTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,920 are available at year-end. c. Annual depreciation on the equipment is $7,000. d. Annual depreciation on the professional library is $10,200. e. On September 1, CTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and CTI credited Unearned Training Fees. f. On October 15, CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by CTI. g. CTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Requirement General Journal Unadjusted Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment General Ledger d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Trial Balance 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.) Income statement Total impact on income due to adjustments Net income before adjustments Net income after adjustments Income Statement Account affecting the: 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance St Owner Equity Impact on income Impact on net income $ 0 Show less A 1 Clark Technical Institute (CTI), a school owned by Jean Clark, provides training to individuals who pay tuition directly to the school. CTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. 01:54:31 a. An analysis of CTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,920 are available at year-end. c. Annual depreciation on the equipment is $7,000. d. Annual depreciation on the professional library is $10,200. e. On September 1, CTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and CTI credited Unearned Training Fees. f. On October 15, CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by CTI. g. CTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Requirement Unadjusted General Journal Net income General Ledger Trial Balance Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 Income Statement S 0 0 0 0 0 0 0 0 0 0 St Owner Equity 0 0 0 Balance Sheet Impact on income Requirement Unadjusted General Journal D: ----| B| Net income General Ledger 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance 130: Prepaid rent Trial Balance Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Clark Technical Institute Income Statement For Year Ended December 31 $ Income Statement Impact on income Requirement Unadjusted General Journal General Ledger Net income Trial Balance Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ 160: Professional library 161: Accumulated depreciation - Professional library 167: Equipment 168: Accumulated depreciation Equipment 201: Accounts payable Income Statement Impact on income Requirement Unadjusted General Journal Net income General Ledger Trial Balance 201: Accounts payable 209: Salaries payable 226: Unearned training fees 318: J. Clark, Capital 319: J. Clark, Withdrawals 403. Tuition fees earned Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ Income Statement Impact on income Requirement Unadjusted General Journal General Ledger Net income Trial Balance 403: Tuition fees earned Clark Technical Institute Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ 406: Training fees earned 612: Depreciation expense - Professional library 616: Depreciation expense - Equipment 622: Salaries expense 637: Insurance expense Income Statement Impact on income Requirement Unadjusted General Journal General Ledger Net income Trial Balance Clark Technical Institute 637: Insurance expense 640: Rent expense 652: Teaching supplies expense 660: Advertising expense 690: Utilities expense Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Income Statement For Year Ended December 31 $ Income Statement Impact on income 1 Clark Technical Institute (CTI), a school owned by Jean Clark, provides training to individuals who pay tuition directly to the school. CTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. 8 01:51:14 a. An analysis of CTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,920 are available at year-end. c. Annual depreciation on the equipment is $7,000. d. Annual depreciation on the professional library is $10,200. e. On September 1, CTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and CTI credited Unearned Training Fees. f. On October 15, CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by CTI. g. CTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Requirement General Journal Unadjusted Y Current assets Current liabilities Assets 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance 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. Liabilities Equity General Ledger Total equity Total Liabilities & Equity Trial Balance Clark Technical Institute Balance Sheet December 31 $ $ Income Statement 1 Clark Technical Institute (CTI), a school owned by Jean Clark, provides training to individuals who pay tuition directly to the school. CTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, is found on the trial balance tab. CTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31. 01:50:49 a. An analysis of CTI's insurance policies shows that $2,550 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,920 are available at year-end. c. Annual depreciation on the equipment is $7,000. d. Annual depreciation on the professional library is $10,200. e. On September 1, CTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and CTI credited Unearned Training Fees. f. On October 15, CTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,000 of the tuition has been earned by CTI. g. CTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $160 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Requirement General Journal Unadjusted Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment General Ledger d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Trial Balance 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.) Income statement Total impact on income due to adjustments Net income before adjustments Net income after adjustments Income Statement Account affecting the: 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance St Owner Equity Impact on income Impact on net income $ 0 Show less A
