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Nguyen Technical Institute (NTI), a school owned by Than Nguyen, provides training to individuals who pay...

Nguyen Technical Institute (NTI), a school owned by Than Nguyen, provides training to individuals who pay tuition directly to the school. NTI 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. NTI 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 NTI’s insurance policies shows that $2,950 of coverage has expired.
  2. An inventory count shows that teaching supplies costing $3,960 are available at year-end.
  3. Annual depreciation on the equipment is $4,200.
  4. Annual depreciation on the professional library is $7,800.
  5. On November 1, NTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $3,200, 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, NTI 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 NTI.
  7. NTI’s two employees are paid weekly. As of the end of the year, two days’ salaries have accrued at the rate of $180 per day for each employee.
  8. The balance in the Prepaid Rent account represents rent for December.
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NTI
Adjusting Entries
Account Debit $ Credit $
Insurance Expense        2,950.00
Prepaid Insurance        2,950.00
Supplies Expense
Teaching Supplies                    -  
Depreciation- Professional Library        7,800.00
Accumulated Depreciation- Professional Library        7,800.00
Depreciation- Equipment        4,200.00
Accumulated Depreciation- Equipment        4,200.00
Unearned Training Fees        6,400.00
Training Fees earned        6,400.00
Accounts Receivable        8,000.00
Tuition Fees Earned        8,000.00
Salaries Expense           720.00
Salaries Payable           720.00
Rent Expense
Prepaid Rent                    -  
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