Assignment Problem: Katy's Cooking School provides training to individuals who pay tuition directly to the school. Katy's also offers training to various groups in off-site locations. Starting from the trial balance prepare the adjusting entries and post them to the general ledger and then prepare an Adjusted Trail Balance and then prepare the financial Statements.
Journal the following adjusting Entries
a. An analysis of the insurance policies show that $2400 of coverage has expired
b. An inventory count shows that teaching supplies costing $2,800 are available at year-end.
c. Annual Depreciation on the equipment is $13,200
d. Annual Depreciation on the professional library is 7200
e. On Nov 1 Katy agreed to do a special 6 month course starting immediately for a student. The contract calls for a monthly fee of $2500 and the student paid the first 5 months fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the 6th month will be recorded when it is collected next year.
f. On October 15 Katy agreed to teach a 4 month class beginning immediately for a student for $3000 tution per month payable at the end of class. The class started on October 15 but no payment as yet been received. Katy's accruals are applied to the nearest half month.
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
h. The balance in the Prepaid Rent account represents rent for December.
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Attachment:- Adjusting Entries.rar