please help , really stuck. thank you .
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balance sheet
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 $3,732 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,235 are available at year-end. c. Annual depreciation on the equipment is $14,929. d. Annual depreciation on the professional library is $7,464. e. On September 1. WTI agreed to do five courses for a client for $2,200 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, $12.850 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 27,547 0 10,594 15,894 2,120 31,784 $ 9,537 102,000 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 Common 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 16,954 24,000 0 11,000 35,027 75,000 42,381 108,069 40,261 0 0 50,858 0 23,320 0 7,417 5,933 $ 319, 848 $319,848 -a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. -b. Prepare an adjusted trial balance. Equipment Cash 27,547 Unadj. Bal. Unadj. Bal. Adj. Bal. 27,547 Adj. Bal. Accumulated Depreciation Equipment Unadj. Bal. Accounts Receivable 0 12,850 Unadj. Bal Adj. Bal. 12,850 Adj. Bal. Accounts Payable Teaching Supplies 10,594 Unadj. Bal. Unadj. Bat. b Adj. Bal 10,594 Adj. Bal Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. 0 Adj. Bal. Adj. Bal Prepaid Rent Uneamed Revenue Unadj. Bal. Unadj. Bal 0 0 Adj. Bal. Adj. Bal. Professional Library Common Stock Unadj. Bal. Unadj. Bal 0 0 Adj. Bal Adj. Bal. Retained Earnings Accumulated Depreciation--Professional Library Unadj. Bal Unadj. Bal 0 0 Adj. Bal Adj. Bal Tuition Revenue Dividends Unadj. Bal Unadj. Bat. Adj. Bat. Adj. Bal Training Revenuo Rent Expense Unadj. Bal. Unadj. Bal 0 Adj. Bal. 0 Adj. Bal. Depreciation Expense- Professional Library Teaching Supplies Expense Unadj. Bal. Unadj. Bal 0 Adj. Bal Adj. Bal. Depreciation Expense-Equipment Advertising Expense Unadj. Bal Unadj. Bal. 0 0 Adj. Bal. Adj. Bal. Salaries Expense Utilities Expense Unadj. Bal. Unadj. Bal Adj. Bal 0 Adj. Bai Insurance Expense Unadj. Bal. Adj. Bal. 0 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Tuition revenue $ 120,919 45,261 Training revenue $ 166,180 7,464 14,929 51,258 Total revenues Expenses Depreciation expense-Professional library Depreciation expense--Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 3,732 25,440 +7,359 7,417 5,933 Total expenses Net income 123,532 WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 $ $ 75,000 Retained earnings, December 31 prior year end Add: Net income 75,000 Less: Dividends (42,881) 32,619 Retained earnings, December 31 current year end $ Assets $ 27,547 Cash Accounts receivable Teaching supplies Prepaid insurance 0 0 $ 27,547 0 $ 0
