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Chapter 3 Part 1 Problem #2

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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 offsite 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 that require adjusting entries on December 31 Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end c. Annual depreciation on the equipment is $12,814 d. Annual depreciation on the professional library is $6,407 e. On September 1, WTI agreed to do five courses for a client for $3,000 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 $15,000 cash in advance for all five 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, 58.250 of the tuition revenue has been earned by WTL 9. 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 n. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE unadjusted Trial Balance December 31 Credit Debit 5 27,349 19. 710 26.058 2,143 32, 133 5 9.641 200.000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salarios payable Uncarned revenue Comon stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense Professional Library 17.139 25,000 15.000 24, 496 79,000 42.345 109.254 40,702 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2.b. Prepare an adjusted trial balance, Complete this question by entering your answers in the tabs below. Req 2A Reg 28 Post the balance from the unadjusted trial balance and the adjusting entries into th Cash Unad Bal Unad Bal Ad Bal 0 Ad Bal Accounts Receivable Accu Urad Bal Unad Ball 0 Ad Bal Ad Bal Teaching Supplies Unad, Bal Unad Bal 0 Ad Bal Ad B. Prepaid Insurance Unad Bal Unad. Bal 0 Ad Bal Ad Bal Prepaid Rent Uhad Bal Unad Bal Ad Bal Ad Bal Professional Library Unadi. B. Unad Bal Ade Bal Ad Bal 1 GU 0 A Bal Ad Bal Accumulated Depreciation Professional Library Unad Bai Unad Bal M 0 Ad Bal Ad Bal Tuition Revenue Unad Bal Unadi Bal Ad Bal 0 Ad Ball Training Revenue Unadi Bal Unadi Bal Ad Bal Ad. Bal Depreciation Expense --Professional Library UnadiBar Unadi Bar 0 Adi Bali Ad Bal Depreciation Expense-Equipment Unad Bal Unad Bal 0 Adi Bal Ad Bar Salaries Expense Unad Bal Unad Bal Ad Bal Adi. Bu Insurance Expense Unadi. Bal 0 Ad Bal nd the adjusting entries into the T-accounts. Equipment Unadi. Bol 0 Ad Bal Accumulated Depreciation Equipment Unad Bal Adj. Bal 0 Accounts Payable Unadi. Bal Ad Bal 0 Salaries Payable Unad Bal Ad Bal 0 Unearned Revenue Unadj. Bal Ad Bal Common Stock Unad B Adj. Bal 0 Retained Earnings Unad Bal Adi Bal 0 Dividends Required information Ad. Ba Retained Earnings Urad B 0 Ad. Bal Dividends Unadi. Bal 0 Ad Bal Rent Expense Unad Bal Adi Bal o Teaching Supplies Expense Unadj. Bal Ad Bal 0 Advertising Expense Unad Bal 0 Ad Bal Utilities Expense Unad Bal Adi Bal 0 Req 28 > 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Req 2A Req 28 Prepare an adjusted trial balance. 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 Salaries payable Uneamed revenue Common stock Retained earnings Dividends Tution revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Ulities expense $ Totals ols 0

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