Required informationProblem 3-3A (Statle) Preparlng adjusting entrles, adjusted trlal balance, and financlal statements LO P1,P2, P3, P4, P5[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 directiy tothe school. WTI also offers training to groups in off-site locations. WTI Initially records prepald expenses and uneamedrevenues In balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions ofItems a through hthat require adjusting entries on December 31.Addıtional Informationa. An analysis of WT's Insurance policles shows that $2,400 of coverage has explred.b. An Inventory count shows that teaching supplies costing $2.800 are avallable at year-end.C. Annual depreclation on the equlpment is $13,200.d. Annual depreclation on the professional library is $7,200.e. On September 1, WTI agreed to do five training courses for a client for $2,500 each. Two courses will start Immediatelyand finish before the end of the year. Three courses will not begin until next year. The client pald $12,500 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, $7,500 of the tuition revenue has been earned by WTI.g. WTI's two employees are pald weekly. As of the end of the year, two days' salarles have accrued at the rate of $100 perday for each employee.h. The balance In the Prepald Rent account represents rent for December.WELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31Debit$ 34,000CreditCashAccounts receivableTeaching suppliesPrepaid insurancePrepaid rentProfessional libraryAccumulated depreciation-Professional libraryEquipmentAccumulated depreciation-EquipmentAccounts payableSalaries payable8,00e12,0ee3,00035,00e$ 10,00015,e0026,000Unearned revenue12,5e0T. Wells, Capital90,eeeT. Wells, WithdrawalsTuition revenue5e,00e123,9e040,eeeTraining revenueDepreciation expense-Professional libraryDepreciation expense-EquipmentSalaries expenseInsurance expenseRent expenseTeaching supplies expenseAdvertising expenseUtilities expense50,00033,00ee6,00e6,400Totals$ 317,400$ 317,400 Aooounts reoelvableAdjucted Trial BaianoeDeoember 31DebitCreditCashAccounts raceivableTeaching suppliesPrepaid inaurancePropaid rentProfessional libraryAccumulated depreciation Professional ibraryEquipmentAccumulated depreciation EquipmentAccounts payableSalaries payableUnearned revenueT. Wels, CapitalT. Wels, WithdrawalsTuton revenueTraining rovenueDepreciation expense Professional IbraryDepreciation expense EquipmentSalaries expentInsurance expenseRant expenseToaching supplies expenseAdvertising expenseUities opensaTotals

a. An analysis of WTI' Insurance policies shows that $2,400 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,800 are avallable at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. 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 pald $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, $7,500 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. HELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable $ 34,000

a. An analysis of WTI' Insurance policies shows that $2,400 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,800 are avallable at year-end. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. 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 pald $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, $7,500 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. HELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash Accounts receivable $ 34,000

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 1OYO

See similar textbooks

Similar questions

Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019: Required: Prepare a trial balance. Assume that all accounts have normal balances.
Adjustments Clean Air Company is a consulting firm specializing in pollution control. The following adjustments were made for Clean Air Company: Identify each of the six pairs of adjustments. For each adjustment, indicate the account, whether the account is increased or decreased, and the amount of the adjustment. No account is affected by more than one adjustment. Use the following format. The first adjustment is shown as an example.
Adjustment for supplies Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance in the supplies account, before adjustment at the end of the year, is $3,500. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,100? b. The supplies account has a balance of $650. and the supplies expense account has a balance of $1,950 at the end of the first year of operations. What was the amount of supp lies purchased during the year?
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
E3.10 Analyse adjusted data.LO3, 4, 5 This is a partial adjusted trial balance of Darcy Designs Pty Ltd. DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019 No. Account name Debit Credit 110 Supplies $1 500 112 Prepaid insurance 2 400 212 Salaries payable $1 500 213 Service revenue received in advance 1 125 400 Service revenue 3 000 500 Salaries expense 7 300 505 Supplies expense 1 220 515 Insurance expense 800 Required Answer these questions, assuming the year begins on 1 July: If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July? If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? If $7500 of salaries was paid in July, what was the balance in…
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…
P3-3A Alena Co. was organized on July 1, 2017. Quarterly fi nancial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.ALENA CO.Trial BalanceSeptember 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. Cr.Cash $ 8,700 $ 8,700Accounts Receivable 10,400 11,500Supplies 1,500 650Prepaid Rent 2,200 500Equipment 18,000 18,000Accumulated Depreciation—Equipment $ –0– $ 700Notes Payable 10,000 10,000Accounts Payable 2,500 2,500Salaries and Wages Payable –0– 725Interest Payable –0– 100Unearned Rent Revenue 1,900 450Owner’s Capital 22,000 22,000Owner’s Drawings 1,600 1,600Service Revenue 16,000 17,100Rent Revenue 1,410 2,860Salaries and Wages Expense 8,000 8,725Rent Expense 1,900 3,600Depreciation Expense 700 Supplies Expense 850Utilities Expense 1,510 1,510 Interest Expense 100 $53,810 $53,810 $56,435 $56,435Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and an owner’s equity statement for the 3 months…
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…
Hi, the practice question I am currently working with only has these 2 complete questions. Please assist. Required: Q1 Use the information from Part A and do the following: Identify each event as an adjusting or non-adjusting event and briefly discuss the effect. of each event on the financial statements of Energiser Electricity Ltd for the financial year ended 31 December 2019. If the event requires an adjustment in the annual financial statements, prepare the journal entry to be recorded. Your answer must comply with the requirements of the International Financial Reporting Standards (IFRS). Q2. Prepare the Inventory note to the financial statements of Chem Ltd for the year ended 31 December 2019, from the information in Part B Your answer must comply with the requirements of the International Financial Reporting Standards (IFRS).
Accounts requiring adjustment OBJ. 1, 2, 3 Indicate with a Yes or No whether or not each of the following accounts normally requiresan adjusting entry:a. Building c. Wages Expense e. Nancy Palmer, Capitalb. Cash d. Miscellaneous Expense f. Prepaid Insurance
P3-45 Preparing adjusting entries and preparing an adjusted trial balanceThis problem continues the Davis Consulting situation from Problem P2-43 of Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2-43. The unadjusted trial balance at December 31, 2014 is duplicated below: At December 31, the business gathers the following information for the adjusting entries:a. Accrued service revenue, $550.b. Earned $700 of the service revenue collected in advance on December 21.c. Office supplies on hand, $200.d. Depreciation on equipment, $30; Depreciation on furniture, $70.e. Accrued $685 expense for administrative assistant’s salary.Requirements1. Journalize and post the adjusting entries using the T-accounts that you completed in Problem P2-43. In the T-accounts, denote each adjusting amount as ADJ and an account balance as Balance.2. Prepare an adjusted trial balance as of December 31, 2014.
Problem 2 - Prepare Adjusting Entries, Post to the Ledger, and Prepare an Adjusted Trial Balance Required: Prepare the adjusting entries using the journal below the unadjusted trial balance, and then complete the worksheet to prepare an adjusted trial balance. The following data are taken from an unadjusted trial balance at December 31, 2020 for Grant Corp. Grant Corporation Unadjusted Trial Balance as of December 31, 2020 Account Debit Credit Cash 2,200 Accounts Receivable 13,900 Supplies 780 Prepaid Rent 6,600 Land 21,700 Equipment 22,710 Accum. Deprec. - Equip. 11,640 Accounts Payable 1,940 Salaries Payable - Unearned Revenue 2,350 Common Stock 38,000 Retained Earnings 12,000…