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It keep saying that my answer is wrong help please. Thank you Additional Information Items a. An analysis of WTI's Insurance policies shows that $3,468
It keep saying that my answer is wrong help please. Thank you
Additional Information Items 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 2017 c. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library Is $6,936. 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 $2,300, and the client pald 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 $4,519 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 pald 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 Unadjusted Trial Balance December 31, 2017 Credit $ Debit 28,888 10,768 16, 155 2,155 32,307 $ 9,693 75,368 17,232 39,113 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 11,500 68,493 43,678 199, 846 40,923 51,694 23,705 7,539 6,831 $ 296.889 $296, 800 Reg 3A Reg 38 Req 30 Prepare Wells Technical Institute's income statement for the year 2017. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Req3A Req 3B > Reg 3A Reg 38 Reg 30 Prepare Wells Technical Institute's statement of owner's equity for the year 2017. Note: there were no owner investments during the year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31, 2017 T. Wells, Capital, December 31, 2016 T. Wells, Capital, December 31, 2017 S Req 3A Req3C > Prepare Wells Technical Institute's balance sheet as of December 31, 2017. Include all balance sheet accounts, even those with zero balances. WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 $ 0Step by Step Solution
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