Check (1b) Dr. Insurance Expense. $7,120 (1) Dr. Depreciation Expense, $30,500 Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements P1 P2 P3 P4 P6 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. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through that require adjusting entries on December 31. Additional Information a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end C. Annual depreciation on the equipment is $13,200, d. Annual depreciation on the professional library is 87,200. e. On September 1, WTI agreed to do five courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin next year. The client paid $12,500 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. 1. 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, 87,500 of the tuition been camed 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 Pap Crete Doba 534.000 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance 1 December 21 2 3 Cash 4 Accounts receivable 5 Teaching supplies 6 Prepaid in 7 Prepaid rent 8 Professional brary 9 Accumulated depreciation Profesional bray 8,000 12000 27000 35.000 We've updated our read aloud featu Give it a try here $10,000 en 8 Aa 50 116 V S Direct Fundamental Accounting Principles 5. Prepare the adjusted trial balance as of April 30. Prepare the income statement and the statement of owner's equity for the month of April and the balance sheet at 30. (5) Net Income $2.197: Total assets. $51.117 6. Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7. Prepare a post-closing trial balance. (7) P. trial balance totals, 551,617 Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statements C3 P1 P2 The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $53,660, and the owner invested $35.000 cash in the company during the 2019 fiscal year. Pas Debit Credit $ 18,500 9.900 7.200 132,000 Unadjusted Trial Balance June 30, 2019 No Account Title 101 Cash 125 Supplies 128 Prepaid insurance 167 Equipment 158 Accumulated depreciation Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payable 20 Property taxes payable 251 Long term notes payable 301 V. Ace Capital 302 V. Ace. Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utles expense Totals $ 26,250 6800 0 0 0 0 25.000 88.660 33.000 132.100 o 46,860 2.750 0 12.000 0 7,800 2.910 51890 $278,810 $278.810 We've updated our read aloud featurel Give it a try here. 154 G] Aa 5 28 tv A
