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er 3 Homework GL0302 - Based on Problem 3-3A Wells Technical Institute LO P1, P2, P3, P4, P5, P6 Wells Technical Institute (WTI), a school

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er 3 Homework GL0302 - Based on Problem 3-3A Wells Technical Institute LO P1, P2, P3, P4, P5, 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, 2018, is found on the trial balance tab. 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 follow 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. o 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 $2.500, and the client paid the first five months Tees in advance. When the cash was received the Unearned Training Fees account was credited 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. 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 General o urnal General Ledger Income Statement St Retained Earnings Balance Sheet Impact on Income Requirement Tha Balance For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab. (Hinti Select unadjusted on the drop-down) Show less Adjusted Impact on net Account affecting the Income statement Balance Sheet Adjusting entry related to II. TIC VOICIILE HUICHI POIU INCHIL OLLUULICPICSCULS ICIILIVI LCLCIUC Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Use the drop-downs to select the accounts properly included on the income sta balances will appear for each account, based on your selection. Adjusted Wells Technical Institute Income Statement For Year Ended December 31, 2019 ooooooooooo

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