U LI Submit Check my work GL0302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 Brown Technical Institute (BTI), a school owned by Paul Brown, provides training to individuals who pay tuition directly to the school. BTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, 15 found on the trial balance tab. BTI 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. pped Book Print erences a. An analysis of BTI's insurance policies shows that $2.450 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,840 are available at year-end. c. Annual depreciation on the equipment is $8,200. d. Annual depreciation on the professional library is $9.400. e. On November 1, BTI agreed to do a special six-month course (starting immediately) for a client. The contract calls fo 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, BTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,200 of the tuition has been earned by PTI g. BTI's two employees are paid weekly. As of the end of the year, two days have accrued at the rate of $120 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December General General Income St Retained h impact on Requirement tourne Ledger Trial Balance Statement Earnings Income General Journal General Journal tab. For transactions a-he 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 Saved "record entry" View transaction list View journal entry worksheet Credit Debit 2,450 pped An analysis of BTI's Insurance policies shows that $2,450 of coverage has expired. 2,450 Book 5,210 2 An inventory count shows that teaching supplies costing $2,840 are available at year-end. Print 5,210 Sorences 3 Annual depreciation on the equipment is $8,200. 8.200 8,200 Annual depreciation on the professional library is $9,400. 9,400 5 9,400 On November 1, BTI 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 5.200 5.200 Note: -journal entry has been entered 9.500 Tuition fees earned 9.600 7 Dec 31 Salaries expense Salarios payable B D ec 31 Rent expense 3. 200 View transaction list View journal entry worksheet 17.5 Credi points Debit 2,450 Skipped On November 1, BTI 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. 5,210 eBook Print References 8,200 8.200 On October 15, BTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,200 of the tuition has been earned by BTI. 9,400 9,400 BTI's two employees are paid weeky. As of the end of the year, two days' salaries have accrued at the rate of $120 per day for each employee. 5.200 Note : Journal entry has been entered 9.600 9.600 Tuition fees earned 27 Dec 31 Salaries expense Salarios payable 3,200 Dec 31 Rent expense View transaction list View journal entry worksheet Credit Debit 2,450 oped 2,450 calls for a monthly ree or $2,000, and the client paia tne first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited 5,210 Book Print 6 Ferences On October 15, BTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,200 of the tuition has been earned by BTI. 8,200 8,200 9,400 BTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $120 per day for each employee. 9,400 5.200 The balance in the Prepaid Rent account represents rent for December 5.200 Note : - journal entry has been entered 9,600 9.600 Tuition fees earned 7 Dec 31 Salaries expense Salarios payable 3.200 8 Dec 31 Rent expense adjusted balances. Adjusted General Ledger Account Cash Accounts receivable No. Debit Credit Balance Debit Credit Balance Date Dec 31 37,125 Date Dec 31 Dec 31 9,600 9,600 Prepaid Insurance Teaching supplies Debit Credit Date Date Debit Credit Balance Dec 31 Dec 31 Balance 8,050 2,840 Dec 31 Dec 31 7,350 4,901 5,210 2,450 Prepaid rent Debit Professional library Debit Credit Date Credit Date Balance 3.200 Balance 47.000 Dec 31 Dec 31 8 Dec 31 No. Debit Credit Accumulated depreciation - Professional library Date Credit Balance Dec 31 18,800 Dec 31 9.400 28,200 Date Dec 31 Balance 82,000 Accounts payable Accumulated depreciation - Equipment Date Debit Credit No. No Date Dobile Cradle Balance No. Date Dato Balance Debit Deble Credit Credit Balance 7 Dec 31 480 480P 5 Dec 31 5,200 7.800 Common stock Debit Credit No. Date Dec 31 Balance 8,000 No. Retained earnings Debit Credit Date Dec 31 Balance 84,000 Tuition fees earned Dividends Debit No. Credit No Date Dec 31 Debit Credit Balance 50,300 Date Dec 31 Dec 31 Balance 125,000 134,600 9,600 Training fees earned No. Debit | Credit No. Date Dec 31 Dec 31 Balance 40,500 45,700 Depreciation expense - Professional library Date Debit Credit Balance Dec 31 Dec 31 9,400 - 5 5,200 Depreciation expense - Equipment Salaries expense No. Debit Credit Balance Debit Credit Date Dec 31 Date Dec 31 Dec 31 Balance 50,200 50,680 3 Dec 31 8,200 8,200 480 Insurance expense Ront expenso Debit No. Debit Credit Balance Credit Date Dec 31 Date Dec 31 Dec 31 Balance 35,200 38,400 1 Dec 31 2,450 2,450 3,200 Teaching supplies expense Debit Credit Advertising expenso Debit Credit No. Date Balance Balance Date Saved LUCJI LUC 31 Dec 31 8.200 8,2007 Dec 31 4 ou zvu 50,680 80 Insurance expense Debit Credit Rent expense Debit Credit No. / Balance No. Date Dec 31 Dec 31 Date Dec 31 Dec 31 Balance 35,200 38,400 2,450 2,450 3,200 Teaching supplies expense Debit Credit Advertising expense Debit Credit No. Balance No. Date Dec 31 Dec 31 Date Dec 31 Balance 6,025 2 5,210 5,210 Utilities expenso No Debit Credit Date Dec 31 Balance 6,450 General Journal Trial Balance > 14 Trial Balance December 31, 2019 Account Title Debit Credit Cash 17.5 points 37,125 9,600 2,840 4000 Skipped 07 000 eBook Print References - Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Uneamed training fees Common stock Retained earnings Dividende Tuition fees earned Training fees earned Depreciation expense. Professional library Depreciation expense Equipment D ars expense Insurance expense Rent expone Teaching supplies expenses PAdvertising expense umbes experte Brown Technical Institute Income Statement For Year Ended December 31, 2019 Revenues Tuition fees earned $ 134,600 Training fees earned 1 45,700 ped $ 180,300 ook rint rences Total revenues Expenses Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 9,400 8,200 50,680 2,450 38,400 5,210 6,025 6,450 Total expenses Net income 126,815 53,485 St Retained Earnings Trial Balance The unadjusted or adjusted balances will appear for each account, based on your selection. eBook Print References Adjusted Brown Technical Institute Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2019 Add: Net income Less: Dividends Retained earnings, December 31, 2019 $ 84,000 53,485 (50,300) 87,185 UUNIL Beel. Me uradjusted o Balances will appear for each account, based on your selection. Include all balance sheet accounts, even zero balances. 17.5 points Adjusted Skipped eBook Print References Brown Technical Institute Balance Sheet December 31, 2019 Assets Current assets Accounts receivable $ Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Accumulated depreciation - Equipment Total current assets Plant assets $ 9,600 2,840 4,900 47,000 28,200 24,600 117.140 Total assets 14 17.5 points Skipped Total assets 117,140 Liabilities eBook Print Current liabilities Accounts payable Salaries payable Unearned training fees References 27,200 480 7,800 Total liabilities $ 35,480 Equity Total Liabilities & Equity 35,480 ( St Retained Earnings Impact on income > Saved come. 11 dn duusule Causeu TTEL TUTTE LU ULTEst, ne e di as a meyduve viue. NEL HILUTE ULITE adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Adjusted Account affecting the: Income statement Balance Sheet Impact on net Income Adjusting entry related to: a. Insurance b. Teaching supplies C. Depreciation - equipment d. Depreciation - library e. Training fees 1. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Balance Sheet U LI Submit Check my work GL0302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 Brown Technical Institute (BTI), a school owned by Paul Brown, provides training to individuals who pay tuition directly to the school. BTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, 15 found on the trial balance tab. BTI 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. pped Book Print erences a. An analysis of BTI's insurance policies shows that $2.450 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,840 are available at year-end. c. Annual depreciation on the equipment is $8,200. d. Annual depreciation on the professional library is $9.400. e. On November 1, BTI agreed to do a special six-month course (starting immediately) for a client. The contract calls fo 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, BTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,200 of the tuition has been earned by PTI g. BTI's two employees are paid weekly. As of the end of the year, two days have accrued at the rate of $120 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December General General Income St Retained h impact on Requirement tourne Ledger Trial Balance Statement Earnings Income General Journal General Journal tab. For transactions a-he 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 Saved "record entry" View transaction list View journal entry worksheet Credit Debit 2,450 pped An analysis of BTI's Insurance policies shows that $2,450 of coverage has expired. 2,450 Book 5,210 2 An inventory count shows that teaching supplies costing $2,840 are available at year-end. Print 5,210 Sorences 3 Annual depreciation on the equipment is $8,200. 8.200 8,200 Annual depreciation on the professional library is $9,400. 9,400 5 9,400 On November 1, BTI 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 5.200 5.200 Note: -journal entry has been entered 9.500 Tuition fees earned 9.600 7 Dec 31 Salaries expense Salarios payable B D ec 31 Rent expense 3. 200 View transaction list View journal entry worksheet 17.5 Credi points Debit 2,450 Skipped On November 1, BTI 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. 5,210 eBook Print References 8,200 8.200 On October 15, BTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,200 of the tuition has been earned by BTI. 9,400 9,400 BTI's two employees are paid weeky. As of the end of the year, two days' salaries have accrued at the rate of $120 per day for each employee. 5.200 Note : Journal entry has been entered 9.600 9.600 Tuition fees earned 27 Dec 31 Salaries expense Salarios payable 3,200 Dec 31 Rent expense View transaction list View journal entry worksheet Credit Debit 2,450 oped 2,450 calls for a monthly ree or $2,000, and the client paia tne first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited 5,210 Book Print 6 Ferences On October 15, BTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $3,200 of the tuition has been earned by BTI. 8,200 8,200 9,400 BTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $120 per day for each employee. 9,400 5.200 The balance in the Prepaid Rent account represents rent for December 5.200 Note : - journal entry has been entered 9,600 9.600 Tuition fees earned 7 Dec 31 Salaries expense Salarios payable 3.200 8 Dec 31 Rent expense adjusted balances. Adjusted General Ledger Account Cash Accounts receivable No. Debit Credit Balance Debit Credit Balance Date Dec 31 37,125 Date Dec 31 Dec 31 9,600 9,600 Prepaid Insurance Teaching supplies Debit Credit Date Date Debit Credit Balance Dec 31 Dec 31 Balance 8,050 2,840 Dec 31 Dec 31 7,350 4,901 5,210 2,450 Prepaid rent Debit Professional library Debit Credit Date Credit Date Balance 3.200 Balance 47.000 Dec 31 Dec 31 8 Dec 31 No. Debit Credit Accumulated depreciation - Professional library Date Credit Balance Dec 31 18,800 Dec 31 9.400 28,200 Date Dec 31 Balance 82,000 Accounts payable Accumulated depreciation - Equipment Date Debit Credit No. No Date Dobile Cradle Balance No. Date Dato Balance Debit Deble Credit Credit Balance 7 Dec 31 480 480P 5 Dec 31 5,200 7.800 Common stock Debit Credit No. Date Dec 31 Balance 8,000 No. Retained earnings Debit Credit Date Dec 31 Balance 84,000 Tuition fees earned Dividends Debit No. Credit No Date Dec 31 Debit Credit Balance 50,300 Date Dec 31 Dec 31 Balance 125,000 134,600 9,600 Training fees earned No. Debit | Credit No. Date Dec 31 Dec 31 Balance 40,500 45,700 Depreciation expense - Professional library Date Debit Credit Balance Dec 31 Dec 31 9,400 - 5 5,200 Depreciation expense - Equipment Salaries expense No. Debit Credit Balance Debit Credit Date Dec 31 Date Dec 31 Dec 31 Balance 50,200 50,680 3 Dec 31 8,200 8,200 480 Insurance expense Ront expenso Debit No. Debit Credit Balance Credit Date Dec 31 Date Dec 31 Dec 31 Balance 35,200 38,400 1 Dec 31 2,450 2,450 3,200 Teaching supplies expense Debit Credit Advertising expenso Debit Credit No. Date Balance Balance Date Saved LUCJI LUC 31 Dec 31 8.200 8,2007 Dec 31 4 ou zvu 50,680 80 Insurance expense Debit Credit Rent expense Debit Credit No. / Balance No. Date Dec 31 Dec 31 Date Dec 31 Dec 31 Balance 35,200 38,400 2,450 2,450 3,200 Teaching supplies expense Debit Credit Advertising expense Debit Credit No. Balance No. Date Dec 31 Dec 31 Date Dec 31 Balance 6,025 2 5,210 5,210 Utilities expenso No Debit Credit Date Dec 31 Balance 6,450 General Journal Trial Balance > 14 Trial Balance December 31, 2019 Account Title Debit Credit Cash 17.5 points 37,125 9,600 2,840 4000 Skipped 07 000 eBook Print References - Accounts receivable Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Equipment Accumulated depreciation - Equipment Accounts payable Salaries payable Uneamed training fees Common stock Retained earnings Dividende Tuition fees earned Training fees earned Depreciation expense. Professional library Depreciation expense Equipment D ars expense Insurance expense Rent expone Teaching supplies expenses PAdvertising expense umbes experte Brown Technical Institute Income Statement For Year Ended December 31, 2019 Revenues Tuition fees earned $ 134,600 Training fees earned 1 45,700 ped $ 180,300 ook rint rences Total revenues Expenses Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 9,400 8,200 50,680 2,450 38,400 5,210 6,025 6,450 Total expenses Net income 126,815 53,485 St Retained Earnings Trial Balance The unadjusted or adjusted balances will appear for each account, based on your selection. eBook Print References Adjusted Brown Technical Institute Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2019 Add: Net income Less: Dividends Retained earnings, December 31, 2019 $ 84,000 53,485 (50,300) 87,185 UUNIL Beel. Me uradjusted o Balances will appear for each account, based on your selection. Include all balance sheet accounts, even zero balances. 17.5 points Adjusted Skipped eBook Print References Brown Technical Institute Balance Sheet December 31, 2019 Assets Current assets Accounts receivable $ Teaching supplies Prepaid insurance Professional library Accumulated depreciation - Professional library Accumulated depreciation - Equipment Total current assets Plant assets $ 9,600 2,840 4,900 47,000 28,200 24,600 117.140 Total assets 14 17.5 points Skipped Total assets 117,140 Liabilities eBook Print Current liabilities Accounts payable Salaries payable Unearned training fees References 27,200 480 7,800 Total liabilities $ 35,480 Equity Total Liabilities & Equity 35,480 ( St Retained Earnings Impact on income > Saved come. 11 dn duusule Causeu TTEL TUTTE LU ULTEst, ne e di as a meyduve viue. NEL HILUTE ULITE adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Adjusted Account affecting the: Income statement Balance Sheet Impact on net Income Adjusting entry related to: a. Insurance b. Teaching supplies C. Depreciation - equipment d. Depreciation - library e. Training fees 1. Tuition g. Salaries h. Rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Balance Sheet