{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T15:13:33-04:00", "answer_date": "2024-05-27 15:13:33", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1787475", "url": "\/study-help\/questions\/wells-technical-institute-wtt-provides-training-to-individuals-who-pay-1787475", "question_creation_date_js": "2024-05-27T15:13:33-04:00", "question_creation_date": "May 27, 2024 03:13 PM", "meta_title": "[Solved] Wells Technical Institute (WTT) provides | SolutionInn", "meta_description": "Answer of - Wells Technical Institute (WTT) provides training to individuals who pay tuition directly to the school. WTI also offe | SolutionInn", "meta_keywords": "wells,technical,institute,wtt,provides,training,individuals,pay,tuition,directly,school,wti", "question_title_h1": " Wells Technical Institute (WTT) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations.", "question_title": " Wells Technical Institute (WTT) provides training to individuals who pay tuition", "question_title_for_js_snippet": "Wells Technical Institute (WTT) 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 WTT's insurance policies shows that $4,129 of coverage has expired b An inventory count shows that teaching supplies costing $3 578 are available at year end c Annual depreciation on the equipment is $16,515 d Annual depreciation on the professional library is $8 258 e On September 1 WTI agreed to do five training courses for a client for $2 900 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 $14 500 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, $13,050 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 Cash Accounts receivable Teaching supplies HELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit $ 26,491 10,107 0 Credit", "question_description": "\"image\"image\"image", "transcribed_text": "Wells Technical Institute (WTT) 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 WTT's insurance policies shows that $4,129 of coverage has expired. b. An inventory count shows that teaching supplies costing $3.578 are available at year-end. c. Annual depreciation on the equipment is $16,515 d. Annual depreciation on the professional library is $8.258. e. On September 1. WTI agreed to do five training courses for a client for $2.900 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 $14.500 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, $13,050 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. Cash Accounts receivable Teaching supplies HELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit $ 26,491 10,107 0 Credit", "related_book": { "title": "Fundamental Managerial Accounting Concepts", "isbn": "71220720, 78110890, 9780071220729, 978-0078110894", "edition": "6th Edition", "authors": "Edmonds, Tsay, olds", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/67.jpg", "uri": "\/textbooks\/fundamentals-managerial-accounting-concepts-6th-edition-67", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8366320078", "uri": "\/textbooks\/trucking-company-2023-files-mp3-included-1st-edition-979-8366320078-159495", "name": "Trucking Company 2023 Files Mp3 Included", "edition": "1st Edition" }, "question_posted": "2024-05-27 15:13:33", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/calculus-10th-edition\/in-exercises-show-that-is-strictly-monotonic-on-the-given-interval-and-therefore", "description": "In Exercises show that is strictly monotonic on the given interval and therefore has an inverse function on that interval. f(x) = cos x, [0, ]", "stars": 3 }, { "url": "\/zodiac-sound-co-manufactures-audio-systems-both-madetoorder-and-more", "description": "Zodiac Sound Co. manufactures audio systems, both made-to-order and more mass-produced systems that are typically sold to large-scale manufacturers of electronics equipment. For competition reasons,...", "stars": 3 }, { "url": "\/study-help\/personal-financial-planning\/3-if-the-item-is-costly-and-you-think-there-1918216", "description": "3. If the item is costly and you think there is a good chance the proposal will be approved, you can solicit a bid.", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/a-is-this-an-experiment-or-an-observational-study-explain-1982263", "description": "=+a) Is this an experiment or an observational study? Explain.", "stars": 3 }, { "url": "\/rondelli-middle-school-wants-to-raise-money-for-a-new", "description": "Rondelli Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey D.J. Sound will play classic and...", "stars": 3 }, { "url": "\/study-help\/questions\/a-company-had-revenues-of-45000-expenses-of-22000-and-9913448", "description": "A company had revenues of $45,000; expenses of $22,000 and dividends of $8,000. During the closing process, what was the net impact of all the closing entries on Retained Earnings? Increased by...", "stars": 3 }, { "url": "\/study-help\/questions\/andretti-company-has-a-single-product-called-a-dak-the-7677380", "description": "Andretti Company has a single product called a Dak. The company normally produces and sells 78,000 Daks each year at a selling price of $46 per unit. The company's unit costs at this level of...", "stars": 3 }, { "url": "\/study-help\/questions\/john-parsons-123456781-and-george-smith-123456782-are-70-and-3023804", "description": "John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111120), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303....", "stars": 3 }, { "url": "\/study-help\/questions\/how-imperative-is-conducting-research-on-the-target-and-ensuring-1004587", "description": "How imperative is conducting research on the target and ensuring that the proper customers are communicated to? HaHowtherightw many companies fail to hone in on th eright consumer?", "stars": 3 }, { "url": "\/study-help\/questions\/5-a-transmission-shaft-is-supported-between-two-bearings-with-1056032", "description": "5. A transmission shaft is supported between two bearings, with distance 750 mm. Power is supplied to the shaft and transmitted to belt pulley, 450 mm diameter, which is located at a distance of 200...", "stars": 3 }, { "url": "\/study-help\/questions\/time-left-05133-question-1-not-yet-answered-points-out-5240875", "description": "the Community Senior Services (C S S) intervention case (each \"Spotlight\" included in the chapter) is viewed primarily as a project because a. it seeks policy change. b. it is a shorter term than a...", "stars": 3 }, { "url": "\/study-help\/questions\/1-the-per-unit-price-sold-to-distributors-will-be-1004629", "description": "1) The per unit price sold to distributors will be $0.80, regardless of country or quantity sold. (2) The estimated market share for sales depends on how much a segment sees health and wellness as...", "stars": 3 }, { "url": "\/study-help\/questions\/worksheet-partial-for-the-month-ended-april-3-8365268", "description": "Worksheet ( Partial ) For the Month Ended April 3 0 , 2 0 2 2 ( b ) Post the closing entries to Income Summary and Retained Earnings. ( Post entries in the order of journal entries were recorded in...", "stars": 3 }, { "url": "\/a-alkynes-can-be-made-by-dehydrohalogenation-of-vinylic-halides", "description": "A Alkynes can be made by dehydrohalogenation of vinylic halides in a reaction that is essentially an E2 process. In studying the stereochemistry of this elimination, it was found that...", "stars": 3 }, { "url": "\/study-help\/cost-management-strategic\/balanced-scorecards-present-many-opportunities-for-improved-strategy-formulation-communication-1666800", "description": "Balanced scorecards present many opportunities for improved strategy formulation, communication, and evaluation. However, many unanswered questions surround using balanced scorecards. Questions...", "stars": 3 }, { "url": "\/study-help\/cost-management-strategic\/you-are-interviewing-for-a-job-the-interviewer-says-historically-1666802", "description": "You are interviewing for a job. The interviewer says, Historically, we have relied just on financial performance measures to evaluate division managers. We know the limitations of relying solely on...", "stars": 3 }, { "url": "\/study-help\/cost-management-strategic\/you-are-a-consultant-advising-valley-commercial-bank-about-its-1666799", "description": "You are a consultant advising Valley Commercial Bank about its incentive systems for lower-level managers Maker and employees. Your interviews with branch and department managers inform you that they...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/for-novak-co-post-the-entries-passed-on-july-1-1787474", "next": "\/study-help\/questions\/exercise-713-algo-computing-abc-product-costs-lo73-lo74-fogerty-1787476" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " Wells Technical Institute (WTT) provides training to individuals who pay tuition", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/wells-technical-institute-wtt-provides-training-to-individuals-who-pay-1787475" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }": "1" } }