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 beiow] Wells Technical institute (WTD) provides training to individuals who pay tuition directly to the school. WTl also offers training to groups in off-site locations. WT initially records prepaid expenseg and unearned revenues in balance theet 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 WTTs insurance policies shows that $2,939 of coveroge has expired b. An inventory count shows that teaching supplies costing 52.547 are avalable at year end. c. Annual depreciation on the equipment is $11,756. d. Annuat depreciation on the professional library is $5.878 e. On September 1. WTl agreed to do five training courses tor a client for $2.400 each. Two courses wall start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid 512,000cash in advance for all five training courses on September 1 , and WTI credited Uneamed Revenue. 1. On October 15. WII agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31,$8,450 of the tuition revenue has been earned by WTI 9. WTis two employees are paid weeldy. As of the end of the year, two days' salaries have accrued at the rate of 5100 per day for each ernptoyee. h. The balance in the Prepaid Rent account represents rent for December. 3 Homework i) IELIS TECFECAL ISIATUE Whadjusted Trial Aalance Deceober 31 -a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts: b. Prepare an adjusted trai balance. Complete this question by entering your answers in the tabs below. Post the balance from the unadjated trial balance and the adjukting enti wa inthy the T accounts. icecuired kfarmetion Teichinit Supples Exponse Prepare an adjusted trial balance. 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 beiow] Wells Technical institute (WTD) provides training to individuals who pay tuition directly to the school. WTl also offers training to groups in off-site locations. WT initially records prepaid expenseg and unearned revenues in balance theet 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 WTTs insurance policies shows that $2,939 of coveroge has expired b. An inventory count shows that teaching supplies costing 52.547 are avalable at year end. c. Annual depreciation on the equipment is $11,756. d. Annuat depreciation on the professional library is $5.878 e. On September 1. WTl agreed to do five training courses tor a client for $2.400 each. Two courses wall start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid 512,000cash in advance for all five training courses on September 1 , and WTI credited Uneamed Revenue. 1. On October 15. WII agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31,$8,450 of the tuition revenue has been earned by WTI 9. WTis two employees are paid weeldy. As of the end of the year, two days' salaries have accrued at the rate of 5100 per day for each ernptoyee. h. The balance in the Prepaid Rent account represents rent for December. 3 Homework i) IELIS TECFECAL ISIATUE Whadjusted Trial Aalance Deceober 31 -a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts: b. Prepare an adjusted trai balance. Complete this question by entering your answers in the tabs below. Post the balance from the unadjated trial balance and the adjukting enti wa inthy the T accounts. icecuired kfarmetion Teichinit Supples Exponse Prepare an adjusted trial balance
