GLO302-Based on Problem 3-3A Wells Technical Institute LO A1, P1, P3 Wells Technical Institute (WTD, a school owned by Tristana Wells, provides training to individuals who pay tution directly to th WTI also offers training to groups tab. WT in off-site locations. Its unadjusted trial balance as of December 31, 2017, is found on the trial balance 1 initially records prepaid expenses and unearned revenues in balance sheet require adjusting entries on December 31, 2017, follow accounts. Descriptions of items a through h that a. An analysis of WTI's insurance policies shows that $2.400 of coverage has expired nventory count shows that teaching supplies costing $2,800 are available at year end 2017 c. Annual depreciation on the equipment is $13,200 d. Annual depreciation on the professional library is $7.200 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 $2,500, 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 2018 f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 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 $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December GLO302-Based on Problem 3-3A Wells Technical Institute LO A1, P1, P3 Wells Technical Institute (WTD, a school owned by Tristana Wells, provides training to individuals who pay tution directly to th WTI also offers training to groups tab. WT in off-site locations. Its unadjusted trial balance as of December 31, 2017, is found on the trial balance 1 initially records prepaid expenses and unearned revenues in balance sheet require adjusting entries on December 31, 2017, follow accounts. Descriptions of items a through h that a. An analysis of WTI's insurance policies shows that $2.400 of coverage has expired nventory count shows that teaching supplies costing $2,800 are available at year end 2017 c. Annual depreciation on the equipment is $13,200 d. Annual depreciation on the professional library is $7.200 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 $2,500, 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 2018 f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 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 $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December
