em Saved Help Save & Exit Check my Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [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 unearned revenues in balance sheet accounts. Its unadjusted trial bala 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 $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,464 are available at year-end. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On September 1, WTI agreed to do five 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 courses on September 1, and WTI credited Unearned Training Fees. 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, $12,653 of the tuition 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. my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indi Required information Depreciation expense-Professional library Accumulated depreciation Professional library 7,993 7,993 Unearned training fees Training fees earned 12,653 Accounts receivable Tuition fees earned 12,653 Salaries expense Salaries payable 8 h. Rent expense Prepaid rent roblem i Saved Help Save & k my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Retut Required information Adj. Bai. Adj. Bal. Teaching Supplies 10,768 Accounts Payable Unadj. Bal. Unadj. Bal. 8,450 Adj. Bal. 2.318 Adj. Bal. Salaries Payable Prepaid Insurance 16,155 Unadj. Bal. Unadj. Bal. Adj. Bal. 16,155 Adj. Bal. Unearned Training Fees Prepaid Rent 156 Tinal Ral linadi Ral roulem 1 Seved Help Say ek my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate ce Required information Prepaid Rent 2,155 Unearned Training Fees Unadj. Bal. Unadj. Bal. Adj. Bal. 2,155 Adj. Bal Professional Library Common stock Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Retained earnings Accumulated Depreciation Professional Library Unadj. Bal. Unadj. Bal. e. Ws Shows what is correct or incorrect for the work you have completed so far. It does not india Required information Adj. Bal. Adj. Bal. Tuition Fees Earned Unadj. Bal. Dividends Unadj. Bal. Adj. Bal. Adj. Bal. Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0 Depreciation Expense-Professional Library Teaching Supplies Expense Saved my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not in Required information Depreciation Expense-Equipment Advertising Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Salaries Expense Utilities Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Insurance Expense Unadj. Bal. REU ZA 1 Reu 2D Required information Credit WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Cash 28,000 Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library 32,307 Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable 400 Required information 400 Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense s Teaching supplies expense Advertising expense Utilities expense Required information Balance Sheet December 31 Assets Cash Accounts receivable Teaching supplies Prepaid insurance Professional library (Accumulated depreciation-Professional library Equipment Accumulated depreciation Equipment Liabilities Accounts payable Salaries payable Unearned training fees Required information Liabilities Accounts payable Salaries payable Unearned training fees Total liabilities Equity Total liabilities and equity $ 0
