Chegg Expert, please help with the following entries, these are the only charts I am getting wrong. Kindly provide a capture of the charts.
Part 1. Post the balance from the unadjusted trial balance and the adjusting entries to the T-accounts.
Options available: (a,b,c,d,e,f,g,h from the "Required information" section")
These are some examples of the correct answers I already have (for your convenience and a better understanding of how to solve the ones I'm getting incorrect.)
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 tultion directly to the school. WTI also offers training to groups in off- site locations. Its unadjusted trial balance as of December 31, 2013, follows. WTI Initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2013, follow. Additional Information Items a. An analysis of WTI's Insurance policies shows that $3,100 of coverage has expired. b. An Inventory count shows that teaching supplies costing $3,500 are available at year- end 2013 c. Annual depreciation on the equipment is $14,600. d. Annual depreciation on the professional library is $8,600. e. On November 1, WTI agreed to do a special six-month course (starting Immediately) for a client. The contract calls for a monthly fee of $3,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2014. f. On October 15, WTI agreed to teach a four-month class (beginning Immediately) for an Individual for $4,400 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $240 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, 2013 Debit Credit Cash $48,000 Accounts receivable 0 Teaching supplies 9,400 Prepaid Insurance 13,400 Prepald rent 4,400 Professional library 49,000 Accumulated depreciation, $ 11,400 Professional library 94,000 Equipment Accumulated depreciation-Equipment 16,400 Accounts payable 41,400 Salarles payable 0 Unearned training fees 19,500 Common stock 24,000 Retained earnings 94,000 64,000 Dividends Tuition fees earned 140,700 Training fees earned 54,000 Depreciation expense-Professional 0 library Depreciation expense-Equipment 0 64,000 Salarles expense Insurance expense 0 Rent expense 40,000 Teaching supplies expense 0 Advertising expense 7,400 Utilities expense 7,800 Totals $ 401,400 $ 401,400 Answer is not complete. Unadi Bal. Unearned Training Fees 7,800 14,000 6,200 Adj. Bal. 0 Answer is not complete. Unadj. Bal. Common Stock 20,577 Adj. Bal. 20,577 Answer is not complete. Insurance Expense 3,100 Unadj. Bal. Adj. Bal. 3,100 Answer is not complete. Unadj. Bal. Rent Expense 40,000 2,097 % Adj. Bal. 42,097 Answer is not complete. Teaching Supplies Expense 5,900 3,500 Unadj. Bal. Adj. Bal. 9,400 Answer is complete but not entirely correct. Retained Earnings 64,000 81,000 X 73,740 56,740 Unadi. Bal. Adj. Bal. 0 Answer is complete and correct. Answer is complete and correct. Training Fees Earned 54 000 7800 Advertising Expense 7.400 Unadi Bal Unad Bal le 61 800 A Bal 7,400 Adi Bal Answer is complete and correct. Depreciation Expense Professional Library Unad Bal d 8 600 Ad Bal. 8 600 Answer is complete and correct. Depreciation Expense-Equipment Unad Ball c 14.600 A Bal 14 000
