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Required information Problem 3-3A (Algo) Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5 [The following information applies to

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Required information Problem 3-3A (Algo) Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5 [The following information applies to the questions displayed below) 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 $3,600 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,120 are available at year-end. c. Annual depreciation on the equipment is $14,400. 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 $2,600 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 $13,000 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 payment due at the end of the class. At December 31, $11,200 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, WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 26, 189 Cash WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit of 3 Debit $ 26,189 0 10,071 15, 110 2,015 30,217 $9.066 104,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional Library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned revenge T. Wells, Capital T. Wells, withdrawala Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expenso Utilities expense Totals 16,112 26,000 0 13,000 105,902 40.291 102,740 38,275 0 O 40,350 0 22, 165 0 7.051 5.641 $ 311,100 $ 311,100 Problem 3-3A (Algo) Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts 2-b. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Cash Unadjusted Balance Equipment Unadjusted Balance Adjusted Balance 0 Adjusted Balance Accounts Receivable Unadjusted Balance Accumulated Depreciation Equipment Unadjusted Balance Adjusted Balance Adjusted Balance Teaching Supplies Accounts Payable Unadjusted Balance Uradjud Balance 0 Adjusted Balance Adjusted Balance Prepaid Insurance Salaries Payable Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Uneamed Revenue Prepaid Rent Unadjusted Balance Unadjusted Balance Prepaid Rent Unadjusted Balance Unearned Revenue Unadjusted Balance Adjusted Balance Adjusted Balance 0 Professional Library Unadjusted Balance T. Wells, Capital Unadjusted Balance Adjustod Balance 0 Adjusted Balance Accumulated Depreciation - Professional Library Unadjusted Balance T. Wells, Withdrawals Unadused Balance Adjusted Balance 0 Adjusted Balance Tuition Revenue Rent Expense Unadjusted Balance Unadjusted Balance 0 Adjusted Balance Adjusted Balance Training Revenue Teaching Supplies Expense Unadjusted Balance Unadjusted Balance AJUSTO Banco Training Revenue Unadjusted Balance Teaching Supplies Expense Unadjusted Balance Adjusted Balance Adjusted Balance Depreciation Expense Professional Library Unadjustod Balance Advertising Expense Unadjusted Balance Adjusted Balance 0 Adjusted Balance 0 Utilities Expense Depreciation Expense-Equipment Unadjusted Balance Unadjusted Balance Adjusted Balance Adjusted Balance Insurance Expense Salaries Expense Unadjusted Balance Unadjusted Balance 0 0 Adjusted Balance Adjusted Balance REZA Req 28 > Ficuare att duuseu ulal Udidle. Required information Adjusted Trial Balance December 31 Debit Credit 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 $ 0 $ 0 Mace

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