Turner Technical Institute (TTI), a school owned by Tony Turner, provides training to individuals who pay tuition directly to the school. TTI 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. TTI 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.

1. An analysis of TTIs insurance policies shows that $2,600 of coverage has expired.
2. An inventory count shows that teaching supplies costing $3,680 are available at year-end.
3. Annual depreciation on the equipment is $4,400.
4. Annual depreciation on the professional library is $8,200.
5. On November 1, TTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, and the client paid the first five months fees in advance. When the cash was received, the Unearned Training Fees account was credited.
6. On October 15, TTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $8,000 of the tuition has been earned by TTI.
7. TTIs two employees are paid weekly. As of the end of the year, two days salaries have accrued at the rate of $240 per day for each employee.
8. The balance in the Prepaid Rent account represents rent for December.

2) (DEC 31) An inventory count shows that teaching supplies costing $3,680 are available at year-end.

3) (DEC 31) Annual depreciation on the equipment is $4,400.

4) (DEC 31) Annual depreciation on the professional library is $8,200.

5) (DEC 31) On November 1, TTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited.

6) (DEC 31) On October 15, TTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $8,000 of the tuition has been earned by TTI.

7) (DEC 31) TTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $240 per day for each employee.

8) (DEC 31) The balance in the Prepaid Rent account represents rent for December.

The options are the same for every table 1 through 8 columns

Another part of the table

Another part of the table

OPtions for the left column

ANother part of the table

Options are the same for the left columns for Current assets, Plant assests, Liabilities and Equity

St Retained Earnings General General Income Impact on Trial Balance Balance Sheet Requirement Ledger Journal Statement income General Journal tab - For transactions a-h, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - 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. Statement of Retained earnings tab - The unadjusted or adjusted balances will appear for each account, based on your selection. Balance Sheet tab - 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. Impact on Income tab - 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 dropdown.) Journal entry worksheet 2 3 4 8 An analysis of TTI's insurance policies shows that $2,600 of coverage has expired. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 2 An inventory count shows that teaching supplies costing $3,680 are available at year-end. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 000: No journal entry required 101: Cash 106: Accounts receivable 126: Teaching supplies Record er iew general journal LO St Retained Earnings General Journal General Income Impact on Trial Balance Balance Sheet Requirement Ledger Statement income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Unadjusted General Ledger Account Teaching supplies Cash Date Date No. No. Debit Credit Balance Debit Credit Balance Dec 31 Dec 31 79,500 9,100 Prepaid insurance Prepaid rent No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 7,800 Dec 31 3,200 Professional library Accumulated depreciation - Professional library Professional library Accumulated depreciation - Professional library No. Date Debit Credit Balance No. Date Debit Credit Balance Dec 31 Dec 31 41,000 16,400 Accumulated depreciation - Equipment Equipment Date No. Debit Credit Balance No. Date Debit Credit Balance 44,000 Dec 31 Dec 31 8,800 Accounts payable Unearned training fees Date Debit No. Debit Credit Balance No. Date Credit Balance Dec 31 30,800 Dec 31 14,000 Retained earnings Common stock No. Date Debit Credit Balance No. Date Debit Credit Balance 83,000 Dec 31 11,000 Dec 31 Tuition fees earned Dividends Credit Date No. Date Debit Balance No. Debit Credit Balance 52,700 Dec 31 Dec 31 130,000 Salaries expense Training fees earned No. Debit Date Credit Balance No. Date Debit Credit Balance Dec 31 43,000 Dec 31 51,600 Rent expense Advertising expense Date Balance No. Date Debit Credit Balance No. Debit Credit Dec 31 35,200 Dec 31 6,000 Utilities expense Credit Balance No. Date Debit Dec 31 6,900 General Journal St Retained Earnings General Income Impact on Trial Balance Balance Sheet Requirement Ledger Statement income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Unadjusted Turner Technical Institute Trial Balance December 31, 2017 Account Title Debit Credit 79,500 Cash Teaching supplies 9,100 7,800 Prepaid insurance 3,200 41,000 Prepaid rent Professional library 16,400 Accumulated depreciation - Professional library 44,000 Equipment PPrepaid tent *3;200] 41,000 Professional library Accumulated depreciation - Professional library 16,400 44,000 Equipment Accumulated depreciation - Equipment 8,800 Accounts payable 30,800 14,000 Unearned training fees Common stock 11,000 Retained earnings 83,000 52,700 Dividends Tuition fees earned 130,000 43,000 Training fees earned Salaries expense 51,600 35,200 Rent expense Advertising expense 6,000 Utilities expense 6,900 337,000 $ 337,000 Total Unadjusted Turner Technical Institute Income Statement For Year Ended December 31, 2019 Turner Technical Institute Income Statement For Year Ended December 31, 2019 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance St Retained Earnings General Journal General Impact on Income Trial Balance Balance Sheet Requirement Ledger Statement income The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted Turner Technical Institute Statement of Retained Earnings For Year Ended December 31, 2019 2$ Retained earnings, December 31, 2019 83,000 Add: Net income Less: Dividends (52,700) Retained earnings, December 31, 2019 83,000 Turner Technical Institute Balance Sheet December 31, 2019 Assets Current assets Plant assets 24 %24 Liabilities Current liabilities Equity 24 %24 %24 December 31, 2019 Assets Current assets 101: Cash 106: Accounts receivable 126: Teaching supplies 128: Prepaid insurance %24 %24 Unadjusted Account affecting the: Impact on net income Adjusting entry related to: Income statement Balance Sheet a. Insurance b. Teaching supplies c. Depreciation - equipment d. Depreciation - library e. Training fees f. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Unadjusted Account affecting the: Impact on net income Income statement Balance Sheet Adjusting entry related to: a. Insurance b. Teaching supplies c. Depreciation - equipment 101: Cash d. Depreciation - library 106: Accounts receivable e. Training fees 126: Teaching supplies f. Tuition 128: Prepaid insurance g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Unadjusted Account affecting the: Impact on net income Balance Sheet Adjusting entry related to: Income statement a. Insurance b. Teaching supplies c. Depreciation - equipment 101: Cash d. Depreciation - library 106: Accounts receivable e. Training fees 126: Teaching supplies f. Tuition 128: Prepaid insurance g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments