Accounting 10-12 Make Up Assignment

Required information [The following information applies to the questions displayed below.) 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 uneamed revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through that require adjusting entries on December 31. Additional Information Items a. An analysis of WT's insurance policies shows that $3,071 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,662 are available at year-end. c. Annual depreciation on the equipment is $12.285. d. Annual depreciation on the professional library is $6,142. e. On September 1, WTI agreed to do five training courses for a client for $2,300 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 $11.500 cash in advance for all five training 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, 59,350 of the tuition revenue has been earned by WTL 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 28, 302 10,884 16,329 2,178 32,655 $ 9,798 101,600 17,418 22,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accunulated depreciation Equipment Accounts payable Salaries payable Unearned revenue T. Wells, Capital T. Wells, withdrawals 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 11,580 111,785 43,542 111,030 41,364 e 52, 251 23,958 7,620 6,096 $ 324,815 $ 324,815 View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 An analysis of WTI's insurance policies shows that $3,071 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 23 5 6 7 8 > An inventory count shows that teaching supplies costing $2,662 are available at year-end. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Annual depreciation on the equipment is $12,285. Note: Enter debits before credits. Transaction General Journal Debit Credit C Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 > Annual depreciation on the professional library is $6,142. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 4 5 6 7 8 > On September 1, WTI agreed to do five training courses for a client for $2,300 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 $11,500 cash in advance for all five training courses on September 1, and WTI credited Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 6 7 8 > 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, $9,350 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 1 2 3 4 5 6 7 7 00 8 > 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 9 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits. Transaction h. General Journal Debit Credit Record entry Clear entry View general Journal Required information Cash Equipment 3 Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accounts Receivable Unadjusted Balance Accumulated Depreciation Equipment Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance es Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Prepaid Rent Learned Revue Unadjusted Balance Unadjusted Balance Adusted Balance Adjusted Balance Professional Library 1. Wells, Capital Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Wells, Withdrawals Accumulated Depreciation--Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Tuition Revenue Rent Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Training Training Revenue Teaching Supplies Expense Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Advertising Expense Depreciation Expense Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Utilities Expense Depreciation Expense-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Salaries Expense Insurance Expense Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 ROK 2 Req2B > Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit 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 T. Wells, Capital T. Wells, Withdrawals Tuition revenue Training revenue Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ $ Reg 3A Req 3B Reg 3C Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $111,705 on December 31 of the prior year, and there were no owner investments in the current year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 1. Wells, Capital, December 31 prior year Add: Investments by owner 0 0 T. Wells, Capital, December 31 current year S 0 nces Reg 3A Reg 3B Reg 3C Prepare Wells Technical Institute's balance sheet as of December 31. (Include all balance sheet accounts, even those with zero balances.) WELLS TECHNICAL INSTITUTE Balance Sheet December 31 0 $ 0 0 $