Problem 3-JA Preparing rence, and some P1 P2 P3 P15 Wells Technical Ini Wachowed by the water til balance is of December 31 todo lo antes este pwy tuition directly to the sched. Will offentlig als inges on December Adicional Information . An analysis of WTI police shows that has b. An inventory court shows that thing is coming 52.00 6. Anual depreciation on the 513.00 d. Annual depreciations the personal hy is $3.200 .. on September 1. WT1 proed to do the cones for desta 13.300 Two new start immediately and finish before the edhe you. There we will begis yout. The client paid 512.500 cash is chance five to See Ti credit Uncated Reven t. On October 15. Wlascoltach was begundy) for the de the end of the Dember 31,57500 santy WT1 9. Wo employees are paid weekly. As of the end of the yedia lain crede of $100 per day for each ployee ht. The balance in the Poopaid Rent contreprise for December 14 LO 1300 75.000 Toront Action- pa 1000 S. 2.000 DU I Wels.com TWW Tube 500 50.000 000 Orgony Deprecate- 1880... Teaching expert Advies To 100 Checkout MODO Required 1. Prepare Taccounts representing the lediger) with balances from the stadion 2. Prepare the necessary adjusting journal entries for its through and post them to the Tacom Assume that adjusting entries are made only a year end 3. Update balances in the accounts for the adjusting end prepare and trial bulance 4. Prepare Wells Technical Institute income statement and money for the year and prepare its balance sheets of December 31. The T Welli Capital account balance was 90,000 December 31 of the prior year, and there were no owner investments in the current year Chapter 3 Problem 3-3A or 3-3B Name Parts 1 and 2 Cash Equipment Accounts Receivable Accumulated Depreciation- Equipment Accounts Payable Teaching Supplies Salaries Payable Prepaid Insurance Unearned Revenue Prepaid Rent Capital Professional Library Accumulated Depreciation- Professional Library Withdrawals Name Chapter 3 Problem 3-3A or 3-3B Parts 1 and 2 (Continued) Rent Expense Tuition Revenue Teaching Supplies Expense Training Revenue Advertising Expense Depreciation Expense- Professional Library Utilities Expense Depreciation Expense- Equipment Salaries Expense Insurance Expense Name Chapter 3 Problem 3-3A or 3-3B (Continued) Part 3 Adjusted Trial Balance Chapter 3 Problem 3-3A or 3-3B (Continued) Name Part 4 Income Statement Statement of Owner's Equity Name Chapter 3 Part 4 Problem 3-3A or 3-3B (Continued) Balance Sheet Problem 3-3A Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who Preparing adjusting entries, pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted adjusted trial balance, and trial balance as of December 31 follows, along with descriptions of items a through h that require adjust- financial statements ing entries on December 31. P1 P2 P3 P4 P5 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. e. On September 1, WTI agreed to do five training courses for a client for $2.500 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 $12.500 cash in advance for all five training 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 pay- ment due at the end of the class. At December 31, $7,500 of the tuition revenue has been earned by WTI 9. 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 presents rent for December. WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 34,000 0 8,000 12,000 3,000 35,000 $ 10,000 80,000 15,000 26,000 0 12,500 90,000 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 T. Wells, Capital T. Wells, Withdrawals 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 50,000 123,900 40,000 0 0 50,000 0 33,000 6.000 6,400 $317.400 $317.400 Check (2) Training Revenue, $5,000 (21) Cc Tuition Revenue, $7.500 (3) Ady trial balance total $345.700 14) Not income, $49,600 Required 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 balance. 4. Prepare Wells Technical Institute's income statement and statement of owner's equity for the year and prepare its balance sheet as of December 31. The T. Wells, Capital account balance was $90,000 on December 31 of the prior year, and there were no owner investments in the current year