Chapter 3 Part 1

I need some help with this Journal Entry, its eight different questions and I cant seem to get them right. It would be very helpful if someone knew how to do these.

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 unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through n that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6.407. e. On September 1, WTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and WT1 credited Unearned Revenue. t. 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, $8,250 of the tuition revenue has been earned by WTI. 9. 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 WLLLS ILUVAUL ANJIRUIL Unadjusted Trial Balance December 31 Credit Debit $ 27,849 10, 710 16,068 2, 143 32, 133 $ 9, 641 100,000 17,139 25,000 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 Common stock Retained earnings Dividends 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 15,000 24, 496 79,000 42,845 109, 254 40, 702 OU OO 51, 415 23,573 7,498 5,998 $320,232 $320, 232 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 An Inventory count shows that teaching supplies costing $2,776 are available at year-end Note: Enter debits before credits Transaction General Journal Debit Credit Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list X 1 vailable An analysis of WTi's Insurance policies shows that $3,203 of coverage has expired. 2 An Inventory count shows that teaching supplies costing $2,776 are available at year-end. 3 Annual depreciation on the equipment is $12,814. 4 Annual depreciation on the professional library is $6,407. Credit 5 On September 1, WTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and WTI Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end, View transaction list > 5 vailable On September 1, WTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue. Credit 6 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, $8,250 of the tuition revenue has been earned by WTI. 7 Wil'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. View transaction list x > ana tinin perore the end of the year. inree courses WII not begin until next year. The client paid $15,000 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue. vailable 6 On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due the end of the class. At December 31, $8,250 of the tuition revenue has been earned by WTI. Credit 7 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. 8 The balance in the Prepaid Rent account represents rent for December Prey 1 2 3 of 3 HH! Next > Journal entry worksheet An inventory count shows that teaching supplies costing $2,776 are available at year-end. Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry View general journal