Check my work 6 Part 1 Wes Technical Institute (WTI. a school owned by Tristana Wells provides training to individuals who pay tuition directly to the school WT so offers training to groups in off-site locations. WTI inity records prepaid expenses and uneared revenues in balance shoot accounts. Its unadjusted trial balance as of December 31 follows along with descriptions or items a through that require adjusting entries on December 31 5 P Additional Information Items a. An analysis of WTTS insurance policies shows that $3.203 of coverage has expired. b. An inventory count shows that teaching supplies Costing $2776 are available at year end C. Annual depreciation on the equipment is $12814 d. Annual depreciation on the professional library is 56.407 e. On September 1. WTI agreed to do five courses for a client for $2.500 cach. 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 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 $9.500 of the tuition has been earned by WTL g. WTI's two employees are paid weekly. As of the end of the year two days' saladies have accrued at the rate of $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December Buences WELLS TECHNICAL INSTITUTE Uradjusted Trial Balance December 31 Debit $ 26,542 Credit 10,245 15,371 2,050 30,739 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 $ 9,233 102,000 16,396 22.000 0 12,500 25, 110 84,200 40,988 Mc Help Save & E Submit Homework Chapter 3 Check my work 6 WELCO Totats $ 312,682 $312,602 Part 3 Problem 3-3A Part 3 5 point 3-a. Prepare Wells Technical Institute's income statement for the year 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $84,000 on December 31 of the prior year, 3.c. Prepare Wells Technical Institute's balance sheet as of December 31 doc Complete this question by entering your answers in the tabs below. Reg 3A Reg 38 Reg 3C References Prepare Wells Technical Institute's income statement for the year WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ 26,642 Cash Teaching supplies expense 2.776 Total revenues $ 29.418 0 $ 48,059 Reg 38 > Prev 6 of 7 Next > Homework Chapter Check my work FERROLLUM 6 December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Part of Credit Debit $ 26,642 5 point 10.245 15,371 2,050 30, 739 $ 9,23 102,000 Book 16,396 22.000 JO 12.500 25,119 84,000 Print 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 40,988 Deferences 104,516 38,937 49,186 22,55 7,173 5,738 $ 312,682 5312,682 Problem 3-3A Part 3 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $84,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Reg Req 3B Req 30 RUM Drey 6 of 7 Next Check my work 6 Part 1 Wes Technical Institute (WTI. a school owned by Tristana Wells provides training to individuals who pay tuition directly to the school WT so offers training to groups in off-site locations. WTI inity records prepaid expenses and uneared revenues in balance shoot accounts. Its unadjusted trial balance as of December 31 follows along with descriptions or items a through that require adjusting entries on December 31 5 P Additional Information Items a. An analysis of WTTS insurance policies shows that $3.203 of coverage has expired. b. An inventory count shows that teaching supplies Costing $2776 are available at year end C. Annual depreciation on the equipment is $12814 d. Annual depreciation on the professional library is 56.407 e. On September 1. WTI agreed to do five courses for a client for $2.500 cach. 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 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 $9.500 of the tuition has been earned by WTL g. WTI's two employees are paid weekly. As of the end of the year two days' saladies have accrued at the rate of $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December Buences WELLS TECHNICAL INSTITUTE Uradjusted Trial Balance December 31 Debit $ 26,542 Credit 10,245 15,371 2,050 30,739 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 $ 9,233 102,000 16,396 22.000 0 12,500 25, 110 84,200 40,988 Mc Help Save & E Submit Homework Chapter 3 Check my work 6 WELCO Totats $ 312,682 $312,602 Part 3 Problem 3-3A Part 3 5 point 3-a. Prepare Wells Technical Institute's income statement for the year 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $84,000 on December 31 of the prior year, 3.c. Prepare Wells Technical Institute's balance sheet as of December 31 doc Complete this question by entering your answers in the tabs below. Reg 3A Reg 38 Reg 3C References Prepare Wells Technical Institute's income statement for the year WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ 26,642 Cash Teaching supplies expense 2.776 Total revenues $ 29.418 0 $ 48,059 Reg 38 > Prev 6 of 7 Next > Homework Chapter Check my work FERROLLUM 6 December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Part of Credit Debit $ 26,642 5 point 10.245 15,371 2,050 30, 739 $ 9,23 102,000 Book 16,396 22.000 JO 12.500 25,119 84,000 Print 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 40,988 Deferences 104,516 38,937 49,186 22,55 7,173 5,738 $ 312,682 5312,682 Problem 3-3A Part 3 3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $84,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31. Complete this question by entering your answers in the tabs below. Reg Req 3B Req 30 RUM Drey 6 of 7 Next
