Wells Technical Institute (WTI) 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 $2,939 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,547 are available at year-end. c. Annual depreciation on the equipment is $11,756. d. Annual depreciation on the professional library is $5,878. e. On September 1 , WTI agreed to do five training courses for a client for $2,500 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 $12,500 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,$8,200 of the tuition revenue 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. Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end Journal entry worksheet Note: Enter debits before credits: Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only a Journal entry worksheet An inventory count shows that teaching supplies costing $2,547 are available at year-end. Note: Enter debits before credits. Journal entry worksheet 6 Annual depreciation on the equipment is $11,756. Note: Enter debits before credits. Journal entry worksheet 6 Annual depreciation on the professional library is $5,878. Note: Enter debits before credits. Journal entry worksheet On September 1 , WTI agreed to do five'traaining courses for a client for $2,500 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 $12,500 cash in advance for all five training courses on September 1 , and WTI credited Unearned Revenue. Note: Enter debits before credits. Journal entry worksheet 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,$8,200 of the tuition revenue has been earned by WTI. Note: Enter debits before credits. 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made onl Journal entry worksheet 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. Note: Enter debits before credits. Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only a Journal entry worksheet The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits: Work. Adjusting Accounts Problems Assig... Required information Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Required information (1) Required information (1) Required information \begin{tabular}{|l|l|l|l|} \hline Unadiusted Balance & Rent Expense \\ \hline Acjusted Balance & Teaching Supplies Expense \\ \hline Unadjusted Balance & & \\ \hline & Adjusted Balance & Advertising Expense \end{tabular} (1) Required information Cheek my work \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Depreciation Expense-Equipment } \\ \hline Unadjusted Balance & & \\ \hline & & \\ \hline & & \end{tabular} \begin{tabular}{l} Unadjusted Balance Advertising Expense \\ \hline Unadjustod Balance \\ \hline \end{tabular} 1. Required information \begin{tabular}{|l|l|} \hline & WELLS TECHNICAL INSTITUTE \\ \hline Adjusted Trial Balance \\ \hline December 31 \\ \hline Accounts receivable \\ \hline Teaching supplies \\ \hline Prepaid insurance \\ \hline Prepaid rent \\ \hline Professional library \\ \hline Accumulated depreciation-Professional library \\ \hline Equipment \\ \hline Accumulated depreciation-Equipment \\ \hline Accounts payable \\ \hline Salaries payable \\ \hline Unearned revenue \\ \hline Common stock \end{tabular} (1) Required information Prepare Wells Technical Institute's income statement for the year. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings ace $79,000 on December 31 of the prior year. Prepare Wells Technical Institute's balance sheet as of December 31 . (Include all balance sheet accounts, even those with balances.) 1) Required information Part 3 ot 3
