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please help answer all GL0302 (Static) - Based on Problem 3-3A Wells Technical Institute LO P1, P2, P3, P4, P5 Wells Technical Institute (WTI), a
please help answer all
GL0302 (Static) - Based on Problem 3-3A Wells Technical Institute LO P1, P2, P3, P4, P5 Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tultion directly to the school. WTI also offers training to groups fin off-site locations, its unadjusted trial balance as of December 31,2022 , is found on the tria balance tab. WTi initially records prepaid expenses and uneamed revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31 follow. a. An analysis of WTi's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end. 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 (staring 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 bccount was credited. 1. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due ot the end of the class. At December 31, $7,500 of the tuition has been earned by WTi. 9. WTr'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 bolance in the Prepaid Rent account represents rent for December. For transactions a-h, review the unadjusted baiance and prepare the adjusting entry necessary to correctly report the revenue For transactions a-h, review the unadjusted baiance and prepare the adjusting entry necessary to correctly report the expense incurred. Each adjustment is posted butomatically to the general ledger and trial bolance as soon as you elick "record entry". Vlew transaction list View lournal entry worksheet Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Include all balance sheet accounts, even those with zero balances. St of Retained Earnings Impact on income > For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net incomne before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.)
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