Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CA BE Real A Rob Accesorii URED unas I Wells Technical Institute (WTI), a school owned by Testaa Wels, provides training to individuals who pay

image text in transcribed

CA BE Real A Rob Accesorii URED unas I Wells Technical Institute (WTI), a school owned by Testaa Wels, 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 turned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items through that require adjusting entries on December 31 Additional information Items 1. An analysis of WTI's insurance policies shows that $4,129 of coverage has expired. 2. An inventory count shows that teaching supplies costing 53,578 are available at year end, 3. Annual depreciation on the equipment is S16,515. 4 Annual depreciation on the professional library is $8.258 On September 1. WT agreed to do five courses for a client for 2.900 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 $14,500 cash in advance for all five courses on September 1, and WT1 credited Unearned Training Fees 6. On October 15, WI agreed to teach a four-month dess beginning immediately for an executive with payment doe at the end of the class. At December 31, $13,050 of the tuition has been earned by WTL. 7. Wir'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 8. The balance . , $ NA with At du WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 NE www. Odd Bu Grad Debit Credit $ Hd 26,038 0 Twe Awapande 10,013 AB Ada 15,023 2,004 PRO SP Ured UB 30,043 M. Ba $ 9,014 Prepaiden Usare Trading 104,000 Urasi Linds 16,025 23,000 BL | Trang v #ary Men Experte Urath Ures, 0 . ALLT 14,500 25,171 82,000 Bayamilar uaraay Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment 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 Teaching supplies expense Advertising expense Utilities expense Totals Teaser was U 40,059 Atitud Atel Denton Express Alveringen 102,148 38,055 Unul a Lina Bal 0 RES Pusi A Bai 0 Buda Cape Exp pes 48,071 0 0 22,044 Mel B. Adid Insurance Expo Ur. 0 7,010 Ad 5,608 $ 309,913 $ 309,913 Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information for Decisions

Authors: John J. Wild

8th edition

125953300X, 978-1259533006

More Books

Students also viewed these Accounting questions

Question

2. Use the working-backward strategy to plan a party.

Answered: 1 week ago

Question

5. How can we use language to enhance skill in perceiving?

Answered: 1 week ago

Question

What actions might have prevented Bobs resignation?

Answered: 1 week ago