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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 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 h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired. b. An inventory count shows that teaching supplies costing $2.433 are available at year-end. c. Annual depreciation on the equipment is $11,227. d. Annual depreciation on the professional library is $5,614. e. On September 1, WTI agreed to do five training courses for a client for $2,800 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 $14,000 cash in advance for all five training courses on September 1, and WTI credited Unearned Revenue. 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, $6,798 of the tuition revenue has been earned by WTI. g. 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 Unadjusted Trial Balance December 31 Credit Debit $ 26,642 0 10,245 15,371 2,050 30,739 $ 9,223 98,000 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 T. Wells, Capital T. Wells, Withdrawals 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 16,396 21,000 0 14,000 104,610 40,988 104,516 38,937 OO 49,186 0 22,550 0 7,173 5,738 $ 308, 682 $ 308, 682 Required information No Credit Transaction Debit General Journal 1 2,807 a. Insurance expense Prepaid insurance 2,807 0 2 b. Teaching supplies expense Teaching supplies 0 3 c. 11,227 Depreciation expense-Equipment Accumulated depreciation-Equipment 11,227 4 d 5,614 Depreciation expense-Professional library Accumulated depreciation - Professional library 5,614 5 e 5,600 Unearned revenue Training revenue 5,600 6 f. 6,798 Accounts receivable Trinn run 6 70A Prev ca 1 2 3 of 3 Next > Required information 5,600 5 e. Unearned revenue Training revenue 5,600 6,798 6 f Accounts receivable Tuition revenue 6,798 400 7 g Salaries expense Salaries payable 400 8 8 h. 2,050 Rent expense Prepaid rent 2,050 Required information Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2 of 3 Cash Eq 71.716 Unadjusted Balance 26,642 Unadjusted Balance Adjusted Balance 26,642 + Adjusted Balance 71.716 Accounts Receivable Unadjusted Balance 0 Accumulated Depreciation Equipment Unadjusted Balance C 16,396 1 11.227 6,798 Adjusted Balance 6,798 Adjusted Balance 27.623 Teaching Supplies Accounts Payable Required information Accounts Payable 3 Teaching Supplies 10,245 33,659 X Unadjusted Balance Unadjusted Balance b 2.433 33,659 Adjusted Balance 7.812 Adjusted Balance Salaries Payable Prepaid Insurance 15,371 0 Unadjusted Balance + Unadjusted Balance 200 X 9 2,807 a 200 Adjusted Balance 12,564 Adjusted Balance Unearned Revel Prepaid Rent 2.050 Unadjusted Balance 14,500 Unadjusted Balance Required information Prepaid Rent Unearned Revenue Rof 3 Unadjusted Balance 2,050 Unadjusted Balance 14,500 h > 2,050 5,600 Adjusted Balance 0 Adjusted Balance 8.900 T. Wells, Capital Professional Library Unadjusted Balance 30,739 + Unadjusted Balance 65.169 Adjusted Balance 30.739 Adjusted Balance 65,169 T. Wells, Withdrawals Accumulated Depreciation--Professional Library Unadjusted Balance 9.223 Unadjusted Balance 40,988 Iw 1 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not Required information T. Wells, Withdrawals Accumulated Depreciation-Professional Library Unadjusted Balance 9,223 Unadjusted Balance 40,988 d 5,614 Adjusted Balance 14,837 Adjusted Balance 40,988 Tuition Revenue Unadjusted Balance Rent Expense 0 104,516 + Unadjusted Balance h 6,798 2,050 Adjusted Balance 111,314 Adjusted Balance 2,050 Training Revenue Teaching Supplies Expense 22,552 Unadjusted Balance 38,937 Unadjusted Balance Required information Depreciation Expense Professional Library Unadjusted Balance 0 Advertising Expense > Unadjusted Balance 7,173 d Adjusted Balance 0 Adjusted Balance 7.173 Utilities Expense Depreciation Expense-Equipment Unadjusted Balance 0 Unadjusted Balance 5,738 c Adjusted Balance Adjusted Balance 5.738 Salaries Expense Insurance Expense Unadjusted Balance 49,186 Unadjusted Balance 0 g 200 2,807

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