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Please Help. Preparing adjusting entries, adjusted trial balance, and financial statements P1P2P3P4P5 Additional Information a. An analysis of WTI's insurance policies shows that $2,400 of
Please Help.
Preparing adjusting entries, adjusted trial balance, and financial statements P1P2P3P4P5 Additional Information 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. 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. Required Check (2e) Cr. Training Revenue, $5,000 (2f) Cr. Tuition Revenue, $7,500 (3) Adj. trial balance totals, $345,700 (4) Net income, $49,600 1. Prepare T-accounts (representing the ledger) with balances from the unadjusted trial balance. 2. Prepare the necessary adjusting journal entries for items a through h and post them to the T-accounts. Assume that adjusting entries are made only at year-end. 3. Update balances in the T-accounts for the adjusting entries and prepare an adjusted trial balanceStep by Step Solution
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