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Problem 3 - 3 A ( Static ) Preparing adjusting entries, adjusted trial balance, and financial statements LO P 1 . P 2 , P
Problem A Static Preparing adjusting entries, adjusted trial balance, and financial statements LO P P P P P
The following informatian apples to the questans dspldyed below
Wells Tectevical Insthute WTi a school owned by Tristana Welis, provides training ta individuals wiro pay funtion directly to the schooi. WTI also offers training to grougs in offste localkins. Wh innaly records prepaid expenses and unearned reverves in baignce sheet accounts. Its unadjusted trial balance as of Oecersber fallows along with descriptions of items a through hthat require adusing entries on Decerifuer
Additionel informntion
a An anaylic of WT
b An inventsry count shows that leaching supplics cosing $ are quable at yearend
c Amnual depreciation on the equipricet is $
e Ariual deprectanon on the professional library is $
e On Septembet WTI agrecd to do fre training courses for a clent for $ each Two courses will start immediately and finish belore the end of the year. Three courses wil not begn untbl nent year. The client paid cash in ackance for all five tvaning coarses on Sephemoel and Whi crecited Uhearned Revenue
f On Octobel is WTI agreed ta teach a fourmorth class poegincing livmedatelyf for an executhe whith payment oue of the end of the cless. At December of the tupsen revenue has been eamed by
Q WTIs two employees are pard weekly. As of the end of the year, twue days' salories, have actued at the rate of $ pet thay or each emploree.
h The halance in the Prepaid Rem accoum represents rent tor Decemtbor
atils TECHDCAL IWSTETUTE
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