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w CA w w HO w 10 ELS TONNISTUTE teral tante C C Account Teachines O, $2.000 1 115 7.13 22. 11.23 23. 3.50 Protary lated resessionaty point Atlett Acryl Salaries pole re 7. W ten Y. W wie Tere re y Ther- Selain 51, 31.03 7.39 TRI Art als Credi EL WELLS TECHNICAL INSTITUTE Add Trail Blanc Dec 11 Delili Cash 2.000 AD Teaching succes 2.776 Pradine Pred Prowy areatan ry E Nimed -- Apa med TW. Capit TW. With Tune Training Depreciation - Professional Stary Depreciation - Ecument Insurance ponte Rantapan Teaching per Advertising per Uspense Total 5 30776 5 30 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 tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,464 are available at year-end. c. Annual depreciation on the equipment is $15,986 d. Annual depreciation on the professional library is $7.993. e. On September 1, WTI agreed to do five training courses for a client for $2,700 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 $13,500 cash in advance for all five training courses on September 1, and WTI credited Unearned 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, $12,903 of the tuition revenue has been earned by WTI. 9. 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 28,000 10,768 16,155 2,155 32,307 101,000 $ 9,693 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 17,232 23,000 @ 13,500 108,238 43,078 109, 846 40,923 51,694 23, 705 7,539 6,031 $ 322,432 $ 322,432 1 Required information Adjusted Trial Balance December 31 Debit Credit $ 28,000 8,250 2,776 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 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 $ 30,776 $ 8,250
