Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 0 2of3 DOR ances Required information [The following information applies to the questions displayed below.) Wells Technical Institute (WTI), a school owned

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Check my work 0 2of3 DOR ances 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 that require adjusting entries on December 31 Additional Information Items 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 $7,200. 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 until next year. The client paid $12,500 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, $7,500 of the tuition has been earned by WTI. g. 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. h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Dahit Credit WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 34,000 @ 8,000 12,000 3,000 35,000 $ 10,000 80,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation-Professional Library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned 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 15,000 26,000 0 12,500 10,000 80,000 50,000 I 123,900 40,000 0 50,000 @ 33,000 6,000 6,400 $317,400 $317,400 S 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 2-b. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Reg za Reg 2B Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash Equipment Unadj. Bal Unadj. Bal. Adj. Bal. Adj. Bal. 0 Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal Unadj. Bal. Adj. Bal 0 Adj. Bal. 0 Teaching Supplies Accounts Payable Unadj. Bal Unadj. Bal Required information Teaching Supplies Accounts Payablo Unadj. Bal. Unadj. Bal Adj. Bal. 0 Adj. Bal 0 Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adj. Bal 0 Adj. Bal. 0 Prepaid Rent Unearned Training Fees Unadj. Bal Unadj. Bal Adj. Bal 0 Adj. Bakt Professional Library Common Stock Unadj. Bal Unadj. Bal |Adj. Bal. 0 Adj. Bal 0 Accumulated Depreciation Professional Library Unadj. Bal Retained Earnings Unadj. Bal. Adj. Bal 0 Adj. Bal 0 Tuition Fees Earned Dividends Unadj. Bal. Unadj. Bal Adj. Bal Adj. Bal 0 Training Fees Earned Rent Expense Unadj. Bat Unadi. Bai. Adj. Bal. 0 Adj. Bal 0 Teaching Supplies Expense Depreciation Exponso-Professional Library Unadj. Bal Unadj. Bal. Adj. Bal. Adj. Bal. 0 2 RE hework 0 Saved Help Save & Exit Submit Check my work Required information Depreciation Expense-Equipment Advertising Expense Unadj. Bal Unadj. Bal. Adj. Bal. 0 Adj. Bal 0 Salaries Expense Utilities Expense Unadj. Bal Unadj. Bal Adj. Bal Adj. Bal 0 Insurance Expense Unadj. Bal Adj. Bal. 0 Roo Req 2B> Req 2A Req 2B Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit S 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 Retainer earninne PUUVILIO 2 Required information 2 of 3 Fook sint rences 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 eamed Training fees earned Depreciation expense Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ 0 $ 0

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

Quality Management Audits In Nuclear Medicine Practices IAEA Human Health Series No 33

Authors: International Atomic Energy Agency

2nd Edition

9201017154, 978-9201017154

More Books

Students also viewed these Accounting questions