Answer Happy

a) An analysis of the Institutes insurance policy shows that 6.400 of coverage has expired ALCORN INSTITUTE Trial Balance December 31, 2015 b) An inventory count shows that teaching supplies costing $2,500 are available at year end Unadjusted Trial Balance Adjustments Adjusted Trial Balance c) Annual depreciation on the equipment is $4,000 Debit Credit Debit Credit Debit Credit d) Annual depreciation on the professioanl library is $2.000 c) On November 1, the Institute agreed to do a special four-month course (starting immediately) for a client. The contract calls for a $4,600 monthly fee, and the client paid the first two months fees in advance. When the case was received, the Unearned Training Fees account was credited. The last two months fees will be recorded when collected next year 50,000 0 60,000 18,000 2,600 10,000 1,500 DOn October 15, the Institute agreed to teach a four-month class (beginning immediately) to an individual for $2.200 uition per month payable at the end of the class. The class started on October 15, but no payment has yet been received 30,000 16,000 12,200 g) The Institutes only employee is paid weekly. As at the end of the year, three days salaries have accrued at the rate di S180 per day Account Tile Cash Accounts Receivable Teaching Supplies Prepaid Insurance Prepaid Rent Professional Library Accum. Depr. - Prof. Library Equipment Accum. Depr.- Equipment Accounts Payable Salaries Payable Unearned Training Fees M. Alcorn, Capital M. Alcom, Withdrawals Tuition Fees Eamed Training Fees Earned Depr. Exp - Prof. Library Depr. Exp - Equipment Salaries Expense Insurance Expense Rent Expense Teaching Supplies Expense Advertising Expense Utilities Expense 27.600 68.500 b) The balance in the Prepaid Rent account represents rent for December 20,000 105,000 62.000 TASK Prepare the "Adjustments", and the "Adjusted Trial Balance" Prepare the post-closing entries Prepare the post-closing Trial Balance 43,200 28,600 18,000 12,400 Totals 292.800 292,800