Question
Can you explain to me how to do these. not just the answers. e. On November 1, WTI agreed to do a special six-month course
Can you explain to me how to do these. not just the answers.
e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2014. | |
f. | On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,400 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) |
g. | WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $140 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, 2013 | ||||
Debit | Credit | |||
Cash | $ | 38,000 | ||
Accounts receivable | 0 | |||
Teaching supplies | 8,400 | |||
Prepaid insurance | 12,400 | |||
Prepaid rent | 3,400 | |||
Professional library | 39,000 | |||
Accumulated depreciation |
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