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 Journal entry worksheet2 3 457An analysis of WTIT's insurance policies shows that $2,400 of coverage hasexpired.Note: Enter debits before credits.TransactionGeneral JournalDebitCredita.Record entryClear entryVlew general Journal

Answered: An analysis of WTIT's insurance…

An analysis of WTIT's insurance policies shows that $2,400 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 7SEA

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hi can i ask a question, how do i set up journal entries for adjusted trial balance 3 Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided