per day for each employee.h. The balance in the Prepaid Rent account represents rent for December.CashAccounts receivableTeaching suppliesPrepaid insurancePrepaid rentAccounts payableSalaries payableUnearned revenueProfessional libraryAccumulated depreciation-Professional libraryEquipmentAccumulated depreciation-EquipmentT. Wells, CapitalT. Wells, WithdrawalsTuition revenueTraining revenueWELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceSalaries expenseInsurance expenseBENEDecember 31Depreciation expense-Professional libraryDepreciation expense-EquipmentRent expenseTeaching supplies expenseAdvertising expenseUtilities expenseTotals25 Root the kDebit$ 26,793010,30415.4582,06230,91395,00041,2200O49,464022,682O7,2145,771$ 306,881Credit$ 9,27516,48925,000011,500100,351105,10839,158$ 306,881 IS USWells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly tothe school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearnedrevenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions ofitemsa through h that require adjusting entries on December 31.Additional Information Itemsa. An analysis of WTI's insurance policies shows that $3,071 of coverage has expired.b. An inventory count shows that teaching supplies costing $2,662 are available at year-end.c. Annual depreciation on the equipment is $12,285.d. Annual depreciation on the professional library is $6,142.e. On September 1, WTI agreed to do five training courses for a client for $2,300 each. Two courses will startimmediately and finish before the end of the year. Three courses will not begin until next year. The client paid$11,500 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 dueat the end of the class. At December 31, $9,350 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 $100per day for each employee.h. The balance in the Prepaid Rent account represents rent for December.WELLS TECHNICAL INSTITUTEUnadjusted Trial Balance

Journal Entry -A journal entry is a method of recording transactions in the book of original…

a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,071 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,662 are available at year-end. c. Annual depreciation on the equipment is $12,285. d. Annual depreciation on the professional library is $6,142. e. 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 $11,500 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, $9,350 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.

a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,071 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,662 are available at year-end. c. Annual depreciation on the equipment is $12,285. d. Annual depreciation on the professional library is $6,142. e. 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 $11,500 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, $9,350 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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