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instructions

instructions

problem

problem

problem

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 $3,864 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,349 are available at year-end. c. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7729 e. On September 1, WTI agreed to do five training courses for a client for $2,800 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 $14,000 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, $12,000 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 the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 26,944 0 10,362 15,545 2,073 31,088 $ 9,328 97,000 16,582 25,000 0 14,000 100,077 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 expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 41,452 105,701 39,379 0 0 49, 743 0 22,803 0 7,254 5,803 $ 310,067 $ 310,067 a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accoun b. Prepare an adjusted trial balance. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Accounts Receivable Accumulated Depreciation-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Unadjusted Balance 0 Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance 0 Austad Balanca Adiustad Balanon Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance 0 Prepaid Rent Unearned Revenue Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Professional Library T. Wells, Capital Unadjusted Balance Unadjusted Balance Adjusted Balance 0 Adjusted Balance T. Wells, Withdrawals Accumulated Depreciation--Professional Library Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Tuition Revenue Rent Expense Unadjusted Balance Unadjusted Balance