WELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31DebitCreditCash$ 27,849Accounts receivableTeaching suppliesPrepaid insurancePrepaid rentProfessional library10,71016,0682,14332,133$ 9,641Accumulated depreciation–Professional libraryEquipmentAccumulated depreciation-EquipmentAccounts payableSalaries payableUnearned revenue96,00017,13925,00013,50022,99678,000Common stockRetained earningsDividends42,845Tuition revenue109,254Training revenueDepreciation expense-Professional libraryDepreciation expense-EquipmentSalaries expense40,70251,415Insurance expense23,573Rent expenseTeaching supplies expenseAdvertising expenseUtilities expense7,4985,998Totals$ 316,232$ 316,2322-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts.2-b. Prepare an adjusted trial balance. !Required information[The following information applies to the questions displayed below.]Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers trainingto 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 adjustingentries on December 31.Additional Information Itemsa. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired.b. An inventory count shows that teaching supplies costing $2,433 are available at year-end.c. Annual depreciation on the equipment is $11,227.d. Annual depreciation on the professional library is $5,614.e. On September 1, WTI agreed to do five training courses for a client for $2,700 each. Two courses will start immediatelyand finish before the end of the year. Three courses will not begin until next year. The client paid $13,500 cash inadvance 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 atthe end of the class. At December 31, $7,048 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 perday for each employee.h. The balance in the Prepaid Rent account represents rent for December.WELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31DebitCredit27 OAO

The adjusting entries are prepared at the year-end so the revenues and expenses can be presented…

Answered: 2-a. Post the balance from the…

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.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.1: Preparing Adjusting Entries

Problem 1WT

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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 An analysis of WTI's insurance policies shows that $3,864 of coverage has expired. An inventory count shows that teaching supplies costing $3,349 are available at year-end. Annual depreciation on the equipment is $15,458. Annual depreciation on the professional library is $7,729. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until…
[The following information applies to the questions displayed below.]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 An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. An inventory count shows that teaching supplies costing $3,235 are available at year-end. Annual depreciation on the equipment is $14,929. Annual depreciation on the professional library is $7,464. On September 1, WTI agreed to do five training 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…
[The following information applies to the questions displayed below.]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 An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. An inventory count shows that teaching supplies costing $3,235 are available at year-end. Annual depreciation on the equipment is $14,929. Annual depreciation on the professional library is $7,464. On September 1, WTI agreed to do five training 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…
[The following information applies to the questions displayed below.]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 An analysis of WTI's insurance policies shows that $3,732 of coverage has expired. An inventory count shows that teaching supplies costing $3,235 are available at year-end. Annual depreciation on the equipment is $14,929. Annual depreciation on the professional library is $7,464. On September 1, WTI agreed to do five training 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…
[The following information applies to the questions displayed below.] 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 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. An inventory count shows that teaching supplies costing $3,464 are available at year-end. Annual depreciation on the equipment is $15,986. Annual depreciation on the professional library is $7,993. On September 1, WTI agreed to do five training 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…
Required information Skip to question [The following information applies to the questions displayed below.]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 An analysis of WTI's insurance policies shows that $3,600 of coverage has expired. An inventory count shows that teaching supplies costing $3,120 are available at year-end. Annual depreciation on the equipment is $14,400. Annual depreciation on the professional library is $7,200. On September 1, WTI agreed to do five training courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not…
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 An analysis of WTI's insurance policies shows that $3,071 of coverage has expired. An inventory count shows that teaching supplies costing $2,662 are available at year-end. Annual depreciation on the equipment is $12,285. Annual depreciation on the professional library is $6,142. 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…
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