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a through h that require adjusting entries on December 31 Additional Information Items a. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10.698. d. Annual depreciation on the professional library is $5,349. e. 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 begin until next year. The client paid $14,000 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, $6,153 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Debit $ 27,698 Credit 10,652 Prepaid insurance 15,981 Prepaid rent 2,132 Professional library 31,958 Accumulated depreciation Professional library $9,589 Equipment 97,003 Accumulated depreciation-Equipment 17,846 Accounts payable 26,008 Salaries payable Unearned revenue 14,000 T. Wells, Capital 188,267 T. Wells, Withdrawals 42,613 Tuition revenue 108,661 Training revenue 40,482 Depreciation expense-Professional library 0 Depreciation expense-Equipment Salaries expense 51,136 Insurance expense Rent expense Advertising expense Utilities expense Totals 23,452 Teaching supplies expense 7,457 5,966 $316,045 $316,045

a through h that require adjusting entries on December 31 Additional Information Items a. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10.698. d. Annual depreciation on the professional library is $5,349. e. 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 begin until next year. The client paid $14,000 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, $6,153 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Debit $ 27,698 Credit 10,652 Prepaid insurance 15,981 Prepaid rent 2,132 Professional library 31,958 Accumulated depreciation Professional library $9,589 Equipment 97,003 Accumulated depreciation-Equipment 17,846 Accounts payable 26,008 Salaries payable Unearned revenue 14,000 T. Wells, Capital 188,267 T. Wells, Withdrawals 42,613 Tuition revenue 108,661 Training revenue 40,482 Depreciation expense-Professional library 0 Depreciation expense-Equipment Salaries expense 51,136 Insurance expense Rent expense Advertising expense Utilities expense Totals 23,452 Teaching supplies expense 7,457 5,966 $316,045 $316,045

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 12E: Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following...
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a through h that require adjusting entries on December 31 Additional Information Items a. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10.698. d. Annual depreciation on the professional library is $5,349. e. 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 begin until next year. The client paid $14,000 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, $6,153 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Debit $ 27,698 Credit 10,652 Prepaid insurance 15,981 Prepaid rent 2,132 Professional library 31,958 Accumulated depreciation Professional library $9,589 Equipment 97,003 Accumulated depreciation-Equipment 17,846 Accounts payable 26,008 Salaries payable Unearned revenue 14,000 T. Wells, Capital 188,267 T. Wells, Withdrawals 42,613 Tuition revenue 108,661 Training revenue 40,482 Depreciation expense-Professional library 0 Depreciation expense-Equipment Salaries expense 51,136 Insurance expense Rent expense Advertising expense Utilities expense Totals 23,452 Teaching supplies expense 7,457 5,966 $316,045 $316,045
Transcribed Image Text:a through h that require adjusting entries on December 31 Additional Information Items a. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10.698. d. Annual depreciation on the professional library is $5,349. e. 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 begin until next year. The client paid $14,000 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, $6,153 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 WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Cash Accounts receivable Teaching supplies Debit $ 27,698 Credit 10,652 Prepaid insurance 15,981 Prepaid rent 2,132 Professional library 31,958 Accumulated depreciation Professional library $9,589 Equipment 97,003 Accumulated depreciation-Equipment 17,846 Accounts payable 26,008 Salaries payable Unearned revenue 14,000 T. Wells, Capital 188,267 T. Wells, Withdrawals 42,613 Tuition revenue 108,661 Training revenue 40,482 Depreciation expense-Professional library 0 Depreciation expense-Equipment Salaries expense 51,136 Insurance expense Rent expense Advertising expense Utilities expense Totals 23,452 Teaching supplies expense 7,457 5,966 $316,045 $316,045
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