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this is all one problem .... please help me solve it.. thankyou sorry didnt realize it .. here it is.. thankyou 14 eBook Print King
this is all one problem .... please help me solve it.. thankyou
sorry didnt realize it .. here it is.. thankyou
14 eBook Print King Technical Institute (KTI), a school owned by Robert King, provides training to individuals who pay tuition directly to the school. KTI 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. KTI 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 KTIS insurance policies shows that $2,800 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,840 are available at year-end. c. Annual depreciation on the equipment is $3,600. d. Annual depreciation on the professional library is $6,600. e. On November 1, KTI 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 f. On October 15, KTI agreed to teach a four month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $4,000 of the tuition has been earned by KTI 9. KTI'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 General General Income Requirement Trial Balance St Retained Impact on Journal Balance Sheet Ledger Statement Earnings income 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 Unadjusted View transaction list Journal entry worksheet ow Annual depreciation on the equipment is $3,600. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet 00 Annual depreciation on the professional library is $6,600. Note: Enter debits before credits Date Account Title Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Pray 4 The unadjusted or adjusted Unadjusted King Technical Institute Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2019 Add: Net income $ 84,000 1 Less: Dividends (53,900) 84,000 Retained earnings, December 31, 2019 $ Income Statement Ba King Technical Institute Balance Sheet December 31, 2019 Assets Current assets $ 0 0 0 0 0 0 $ 0 Plant assets $ 0 0 0 0 0 0 0 $ 0 Liabilities Current liabilities $ 0 King Technical Institute Trial Balance December 31, 2017 Account Title Debit Credit $ 77,200 9,300 11,200 4,000 33,000 13.200 36,000 Cash 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 camed Training fees earned Salaries expense Rent expense Advertising expense Utilities expense Total 7,200 28,400 13,000 8,000 84,000 53,900 134,000 45,000 51,000 44,000 6,100 7.100 332,800 $ 332,800 Step by Step Solution
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