WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,094 0 10,420 15,632 2,085 31, 262 $ 9,380 100,000 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 16,675 23,000 0 11,500 107,818 41,684 106,293 39,599 0 0 50,022 0 22,935 0 7,295 5,836 $ 314,265 $ 314,265 Problem 3-3A (Algo) Part 2 Debit Credit Cash $ 27,094 10,420 15,632 2,085 31,262 $ 9,380 + 100,000 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 16,675 23,000 0 11,500 107,818 41,684 106,293 % 39,599 0X 0 x 50,022 X 22,935 X 0 x 7,295 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,094 0 10,420 15,632 2,085 31,262 $ 9,380 100,000 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 16,675 23,000 0 11,500 107,818 41,684 106,293 39,599 0 0 50,022 0 22,935 0 7,295 5,836 $ 314,265 $ 314,265 Problem 3-3A (Algo) Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance. Req 2A Req 2B Prepare an adjusted trial balance. WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit $ 27,094 10,420 15,632 2,085 31,262 $ 9,380 100,000 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 16,675 23,000 0 11,500 107,818 41,684 106,293 39,599 0 0 50.022 a. An analysis of WTI's insurance policies shows that $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871 d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five training courses for a client for $2,300 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 $11,500 cash in advance for all five training courses on September 1, and WTI credited Uneared Revenue. f. 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, $11,298 of the tuition revenue has been earned by WTI. g. WTl'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 WELLS TECHNICAL INSTITUTE Unadjunted Trial Balance December 31 Credit Debit $ 27,094 0 10,420 15,632 2,085 31, 262 $ 9,300 100,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salarios payable Unearned revenue T. Wells, Capital 1. Wells, Withdrawale Tuition revenue Training revenue Depreciation expense-Protessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 16,675 23,000 0 11,500 107,818 41.684 106,293 39,599 0 0 50,022 0 22,935 0 7,295 5.836
