Question

Question # 1 ( Please Help Me With The Ones That are Wrong )

Question 2A ( Please Help Me With The Ones Wrong Please )

Question 2A ( Part 2 Picture was cut in half )

Question 2B

Question 3A

Question 3B

Question 3C

This is a long 3 Question thank you for helping me with everything ! ( if you can not help me please don't answer it ! )

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 $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10,698. d. Annual depreciation on the professional library is $5,349. e. On September 1, WTI agreed to do five courses for a client for $2,400 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 $12,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. 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, $7,153 of the tuition has been earned by WTI. g. WTl'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 $ 27,849 0 10, 710 16,068 2,143 32,133 $ 9, 641 97,000 ca Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 17,139 26,000 0 12,000 20,496 82,000 42,845 109,254 40,702 0 51, 415 0 23,573 0 7, 498 5,998 $ 317,232 $317, 232 Problem 3-3A Part 1 Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 a. 2,674 Insurance expense Prepaid insurance 2,674 2 b. 7,811 Teaching supplies expense Teaching supplies 7,811 3 C. 10,698 Depreciation expense-Equipment Accumulated depreciation Professional library 10,698 4 d. 5,349 Depreciation expense-Professional library Accumulated depreciation Professional library 5,349 5 e. 5,600 Unearned training fees Training fees earned 5,600 09 f. 6,153 Accounts receivable Tuition fees earned 6,153 7 g. 400 Salaries expense Salaries payable 400 8 h. 2,027 Rent expense Prepaid rent 2,027 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash Equipment 70,903 X Unadj. Bal. 26,340 X Unadj. Bal. Adj. Bal 26,340 Adj. Bal 70,903 Accounts Receivable 0 Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. 16,210 X 10,698 6,153 X Adj. Bal. 6,153 Adj. Bal. 26,908 Accounts Payable Teaching Supplies 10,129 X Unadj. Bal. 0 Unadj. Bal. 33,612 X 7,811 X Adj. Bal. 2,318 Adj. Bal. 33,612 Salaries Payable Prepaid Insurance 15,197 X Unadj. Bal. Unadj. Bal. 0 400 2,674 Adj. Bal. 12,523 Adj. Bal. 400 Unearned Training Fees Prepaid Rent 2,027 X Unadj. Bal. Unadj. Bal. 14,000 2,027 X 5,600 X Adj. Bal. 0 Adj. Bal. 8,400 Common stock Professional Library 30,391 x Unadj. Bal. Unadj. Bal. 11,000 X Adj. Bal. 30,391 Adj. Bal. 11,000 Retained earnings Accumulated Depreciation Professional Library Unadj. Bal. 9,119 X Unadj. Bal. 5,349 53,431 X Adj. Bal. 14,468 Adj. Bal. 53,431 Tuition Fees Earned Dividends 40,523 X Unadj. Bal. Unadj. Bal. 103,332 X 6,153 X Adj. Bal. 109,485 Adj. Bal. 40,523 Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. 38,496 X 5,600 X 22,297 X 2,027 X Adj. Bal. 44,096 Adj. Bal. 24,324 Teaching Supplies Expense Depreciation ExpenseProfessional Library Unadj. Bal. 0 5,349 Unadj. Bal. 7,811 X Adj. Bal. 5,349 Adj. Bal. 7,811 Depreciation Expense-Equipment Advertising Expense 7,092 X Unadj. Bal. Unadj. Bal. 10,698 Adj. Bal. 10,69 Adj. Bal. 7,092 Salaries Expense 48,628 X 400 Utilities Expense 5,673 X Unadj. Bal. Unadj. Bal Adj. Bal. 49,028 Adj. Bal. 5,673 Insurance Expense Retained earnings Accumulated Depreciation Professional Library Unadj. Bal. 9,119 X Unadj. Bal. 5,349 53,431 X Adj. Bal. 14,468 Adj. Bal. 53,431 Tuition Fees Earned Dividends 40,523 X Unadj. Bal. Unadj. Bal. 103,332 X 6,153 X Adj. Bal. 109,485 Adj. Bal. 40,523 Training Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. 38,496 X 5,600 X 22,297 X 2,027 X Adj. Bal. 44,096 Adj. Bal. 24,324 Teaching Supplies Expense Depreciation ExpenseProfessional Library Unadj. Bal. 0 5,349 Unadj. Bal. 7,811 X Adj. Bal. 5,349 Adj. Bal. 7,811 Depreciation Expense-Equipment Advertising Expense 7,092 X Unadj. Bal. Unadj. Bal. 10,698 Adj. Bal. 10,69 Adj. Bal. 7,092 Salaries Expense 48,628 X 400 Utilities Expense 5,673 X Unadj. Bal. Unadj. Bal Adj. Bal. 49,028 Adj. Bal. 5,673 Insurance Expense Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ 0 0 Req3 Req 3B Reg 3A Req 3B Req 30 Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $82,000 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31 Retained earnings, December 31 prior year end 0 Retained earnings, December 31 current year end $ 0