Required information (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 $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 $2,300 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 $11,500 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, $7,403 of the tuition has been earned by WTI. 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 Saved Unadjusted Trial Balance December 31 Credit Debit $ 26,793 e 10,384 15,458 2,062 30,913 $ 9,275 98,eee 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 16,489 27, eee 11,5ee 20, 351 81,000 41,220 105, 108 39,158 49,464 22,682 7,214 5,771 $ 309,881 $309,881 Required information Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Cash Equipment Unad. Bar Unad Bar O | Adj. Bal Ad Bal Accounts Receivable Accumulated Depreciation Equipment Unadi. Bar Unad Bal Adj. Bal Ad Bar Teaching Supplies Accounts Payable Unadi. Bal Unadi. Bir Ch work Required information Salaries Payable Prepaid Insurance Unad Bar Unadj. Bal. Adj. Bal 0 Ad Bal Uneared Training Fees Prepaid Rent Unad Bail Unadi. Bal Adj. Bal 0 |Adj. Bal. Common stock Professional Library Unad Bal Unad Bal Ad Ball 0 | Adj. Bal. of 6 Next > Required information Teaching Supplies Expense Depreciation Expense-Professional Library Unadj. Bal. Unad Bal Ad Bali O Adj. Bal Depreciation Expense-Equipment Advertising Expense Unadi. Bal. Unad. Bal Adj. Bal 0 0 Adj. Bal Salaries Expense Utilities Expense Unadi. Bal Unad Bal 0 0 Adi Bal Adj. Bal Saved Required information Unadj. Bal Unadj. Bal Adj. Bal. Adj. Bal 0 Insurance Expense Unadj. Bal Adj. Bal Reg 2A Req 28 > Required information 3 Credit WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation Equipment Accounts payable Salarios payable Unearned training fees Common stock Retained earnings Required information Salatus paydulu Unearned training fees Common stock Retained earings Dividends Tuition fees eamed Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 0 $ 0
