) Required Information [The following information applies to the questions displayed below.] Part 2 of 3 10 points 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. Its unadjusted trial balance as of December 31, 2017, follows. WTI Initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information Items eBook Print 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 2017 c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting Immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. f. On October 15, WTI agreed to teach a four- month class (beginning Immediately) for an Individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month, for example, October recognizes one-half month accrual.) g. 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 References WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2017 Credit Debit $ 34,000 e 8,eee 12,eee 3, eee 35,eee $ 10,000 80,eee 15,000 26,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned 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 12,500 10,000 se, eee 50, eee 123,980 40,000 50,000 e 33,eee 6,eee 6,400 $ 317,400 $317,400 Type here to search O C PP Chegter Harawak 3 2-. Pertanding the sales to the Complete the question by entering your answers in the tabe below. 20 Post the balance from the adjusted sa balance and the adjusting entries in the accounts Accumulated precisiones ching app Ad Prepaid CA Prepaid Unamadaling me Pablon Library Common Ad Accum Degacion-PrioniLibrary LG Dividende TAG AR Training a Carrad Depreciation Cupraclonal Library Tasching Supplies De Adara De Was pas IUS Ihanapan BE o Type here to search o
