60.1K

Verified Solution

Link Copied!

all the information is all the same from the first picture.

P2, P3, P4, PO [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 $3,071 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,662 are available at year-end. c. Annual depreciation on the equipment is $12,285, d. Annual depreciation on the professional library is $6,142. e. On September 1, WTI agreed to do five courses for a client for $2,400 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 $12,000 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, $9,100 of the tuition has been earned by WTI. g. WTl'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. TNICTTIT WIERTER 23 of 3 Next > 1 Prey Un w Help sa uecembe Debit $ 28, 151 Credit 10,826 16, 242 2,166 32,481 $ 9,746 75,784 17,325 38,886 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 T. Wells, Capital T. Wells, Withdrawals 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 12,000 68,862 43,310 110,438 41 143 51,972 0 23,826 7,579 6,063 $ 298,400 $ 298,400 Totals CUP CE 3 of 3 1 2 Next > Pren N Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 1 of 3 BE Prev 1 2 3 w N Help Save & E Submit Check my work Problem 3-3A Part 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. 2-b. Prepare an adjusted trial balance. Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts Cash Equipment Unadj. Bal Unadi Bal Adj. Bal Adi Bal Accumulated Depreciation Equipment Accounts Receivable 2 W help Save & Required information Accounts Receivable 3 Unadj. Bal Accumulated Depreciation Equipment Unadi Bal Adj. Bal Adi Bal Teaching Supplies Accounts Payable Unadj. Bal. Unadj. Bal tes Adj. Bal Adj Bal Salaries Payable Prepaid Insurance Unadj. Bal Unad Bal C 2 Next > W N O Help Save & E 2 Che Required information Tuition Fees Earned Rent Expense Part 2 of 3 Unadj Bal Unadj. Bal 3.33 Gints Adj Bai Adi Bal Training Fees Earned Teaching Supplies Expense eBook Unadj Bal Unadj Bal Print References Adi Bal Adj Bal Advertising Expense Depreciation Expense-Professional Library Unad Bal Unad Bal Hi Ral Next > Next > of 3 2 Prem C N Saved 2 Required information Part 2 of 3 3.33 oints eBook Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals 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 Print References cro w Prey. 2 B of 3 Next > All ation W Complete this question by entering your answers in the tabs below. Req Req 3B Reg 30 Prepare Wells Technical Institute's income statement for the year. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 CH 3 Next Prev of 3 w P Help Required information Complete this question by entering your answers in the tabs below. 3 Req 3A Req38 Reg 3 Prepare Wells Technical Institute's statement of owner's equity for the year. Note: there were no owner investments duri the year. The T. Wells, Capital account balance was $68,862 on December 31 of the prior year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31 T Wells, Capital December 31 prior year end ces T Wells, Capital, December 31 current year end Reg 3C > Req 3A Next 3 of 3 Prex 10 P Required information Req 3A Req 3B Reg 30 Prepare Wells Technical Institute balance sheet as of December 31. Include all balance sheet accounts, even those with balances WELLS TECHNICAL INSTITUTE Balance Sheet December 31 Next Prey cs P No N

Answer & Explanation Solved by verified expert

See Answer