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Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library. Accumulated depreciation-Professional library. Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Saved Debit $ 27,547 0 10,594 15,894 2,120 31,784 99,000 42,381 0 0 50,858 0 23,320 0 7,417 5,933 $ 316,848 unction by entering your answers in the tabs below. Credit $ 9,537 16,954 22,000 0 13,000 24,027 83,000 108,069 40,261 $ 316,848 a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. b. Prepare an adjusted trial balance. www Next > 4

Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library. Accumulated depreciation-Professional library. Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Saved Debit $ 27,547 0 10,594 15,894 2,120 31,784 99,000 42,381 0 0 50,858 0 23,320 0 7,417 5,933 $ 316,848 unction by entering your answers in the tabs below. Credit $ 9,537 16,954 22,000 0 13,000 24,027 83,000 108,069 40,261 $ 316,848 a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. b. Prepare an adjusted trial balance. www Next > 4

Century 21 Accounting Multicolumn Journal
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
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Please make a t chart and trial balance sheet
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 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 $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871. 4 d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five training courses for a client for $2,600 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 $13,000 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, $10,548 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. Cash Accounts receivable WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Prev Debit $ 27,547 0 S 4 5 Credit of 7 ▬▬ Next >
Transcribed Image Text: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 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 $3,468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871. 4 d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five training courses for a client for $2,600 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 $13,000 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, $10,548 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. Cash Accounts receivable WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Prev Debit $ 27,547 0 S 4 5 Credit of 7 ▬▬ Next >
Cash Accounts receivable Teaching supplies Prepaid insurance. Prepaid rent Professional library. Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue. Training revenue WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Saved Debit $ 27,547 0 10,594 15,894 2,120 31,784 99,000 42,381 0 0 50,858 0 23,320 0 7,417 5,933 $316,848 lote this question by entering your answers in the tabs below. Credit S $ 9,537 16,954 22,000 0 13,000 24,027 83,000 108,069 40,261 -a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. -b. Prepare an adjusted trial balance. $316,848 7 Next >
Transcribed Image Text:Cash Accounts receivable Teaching supplies Prepaid insurance. Prepaid rent Professional library. Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue. Training revenue WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Saved Debit $ 27,547 0 10,594 15,894 2,120 31,784 99,000 42,381 0 0 50,858 0 23,320 0 7,417 5,933 $316,848 lote this question by entering your answers in the tabs below. Credit S $ 9,537 16,954 22,000 0 13,000 24,027 83,000 108,069 40,261 -a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. -b. Prepare an adjusted trial balance. $316,848 7 Next >
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