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3. income statement, statement of retained earnings , and balance sheet
i apperciate the help , much needed. thank you.
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,235 are available at year-end. c. Annual depreciation on the equipment is $14,929. d. Annual depreciation on the professional library is $7,464. e. On September 1, WTI agreed to do five courses for a client for $2,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $11,000 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $12,850 of the tuition revenue has been earned by WTI. 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 tipe Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,547 0 10,594 15,894 2,120 31,784 $ 9,537 102,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense--Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16,954 24,000 0 11,000 35,027 75,000 42,381 108,069 40,261 0 50,858 OOOOO 23,320 7,417 5,933 $ 319,848 $319,848 View transaction list Journal entry worksheet An Inventory count shows that teaching supplies costing $3,235 are available at year-end. Note: Enter debits before credits Transaction General Journal Debit Credit b. Record entry Clear entry View general Journal Journal entry worksheet 2 3 5 6 7 8 > Annual depreciation on the equipment is $14,929. Note: Enter debits before credits Transaction General Journal Debit Credit c. Record entry Clear entry View general Journal Journal entry worksheet Annual depreciation on the professional library is $7,464. Note: Enter debits before credits Transaction General Journal Debit Credit d. Record entry Clear entry View general Journal Journal entry worksheet On September 1, WTI agreed to do five courses for a client for $2,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $11,000 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue. Note: Enter debits before credits Transaction General Journal Debit Credit Clear entry Record entry View general journal Journal entry worksheet On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $12,850 of the tuition revenue has been earned by WTI. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 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. Note: Enter debits before credits. Transaction General Journal Debit Credit g Journal entry worksheet
