P2, P3, P4, P5 [The following information applies to the questions or splayed 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 WTl 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 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 courses for a client for $2200 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 $11,000 cash in advance for all five 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 $14,153 of the tuition revenue 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 TTTTTE WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,849 @ 10,710 16,068 2,143 32,133 $ 9,641 97,000 17,139 23,000 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 Carrmon stock Retained earnings Dividends 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 11,000 28,496 78,000 42,845 109,254 40,702 @ @ 51,415 @ 23,573 @ 7,498 5,998 $ 317,232 $317,232 Reg 2A Reg 2B Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash Equipment Unadi Bal Unadi Bal Adj Bal Adj. Bal Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal Unadj. Bal Adj. Bai Adi Bal Teaching Supplies Accounts Payable Unadi Bal Unadi. Bal Adi Bal Adi Bal Prepaid Insurance Salaries Payable Unadj. Bal Unadj. Bal Ad). Bal. Adj. Bal Prepaid Rent Unearned Revenue Unadj. Bal Unadj. Bal. Adj. Bal Adj. Bal Professional Library Common Stock Unad Bal Unadi. Bai Adj. Bal Adi Bal Accumulated Deprecision-Professional Library Unad Dal Retained Earnings Unadi. Bal Ad Dal Adj. Bal Tuition Revenue Dividends Unadj. Bal. Unadj. Bal Adj. Bal Adj. Bal Training Revenue Rort Expense Unadj. Bal Unadj. Bal Adj. Bal Adj. Bal Depreciation Expense Professional Library Teaching Supplies Expense Unadi. Bal Unadj. Bal Adj. Bal Adi. Bal. Depreciation Expense-Equipment Advertising Expense Unadj. Ball Unadi. Dal Adj. Bal Adi Bal Salaries Expense Unadj. Bal Utilities Expense Unadj. Bal Adj. Bal Adj. Bal Insurance Experte Unadj Bal Reg 20 4 points Credit ebook Peterende WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Uneamed revenue Common stock Retained eamings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expeh Totals
