Unadjusted BalanceAdjusted BalanceUnadjusted BalanceAdjusted BalanceUnadjusted BalanceAdjusted BalanceCashAccounts ReceivableTeaching SuppliesUnadjusted BalanceAdjusted BalanceUnadjusted BalanceAccumulated Depreciation EquipmentAdjusted BalanceUnadjusted BalanceEquipmentAdjusted Balance00Accounts Payable0 Wells 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 ofitems a through h that require adjusting entries on December 31.Additional Information Itemsa. An analysis of WTI's insurance policies shows that $3,996 of coverage has expired.b. An inventory count shows that teaching supplies costing $3,464 are available at year-end.c. Annual depreciation on the equipment is $15,986.d. Annual depreciation on the professional library is $7,993.e. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately andfinish before the end of the year. Three courses will not begin until next year. The client paid $14,000 cash inadvance for all five 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, $12,653 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 $100per day for each employee.h. The balance in the Prepaid Rent account represents rent for December.CashAccounts receivableTeaching suppliesPrepaid insurancePrepaid rentProfessional libraryAccumulated depreciation-Professional libraryEquipmentAccumulated depreciation-EquipmentAccounts payableSalaries payableUnearned revenueCommon stockRetained earningsDividendsTuition revenueTraining revenueWELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31Depreciation expense-Professional libraryDepreciation expense-EquipmentSalaries expenseInsurance expenseRent expenseTeaching supplies expenseAdvertising expenseUtilities expenseDebit$ 27,698010,65215,9812,13231,958104,00042,613051,136023,45207,4575,966Credit$ 9,58917,04623,000014,00028,26782,000108,66140,482

Adjusting entries are those entries which are passed at the end of accounting period. The main…

Unadjusted Balance. Adjusted Balance Unadjusted Balance Adjusted Balance Unadjusted Balance Cash Accounts Receivable 0 Teaching Supplies Unadjusted Balance Adjusted Balance Accumulated Depreciation-Equipment Unadjusted Balance Adjusted Balance Equipment Unadjusted Balance Accounts Payable

Unadjusted Balance. Adjusted Balance Unadjusted Balance Adjusted Balance Unadjusted Balance Cash Accounts Receivable 0 Teaching Supplies Unadjusted Balance Adjusted Balance Accumulated Depreciation-Equipment Unadjusted Balance Adjusted Balance Equipment Unadjusted Balance Accounts Payable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
Claim against assets are represented by__.I am not satisfy give downvote A. saved earning B. retained earnings C. maintained earnings D.saving account earning
Accounting Changes A material, prior period error impacting repairs expense.will affect which account(s) in subsequ O current liabilities O current assets O retained earnings operating expense Save for Later 12
The cost of new non-current assets is a cash payment not an expense in the statement of profit or loss? True False
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
Prepare a classified balance sheet in proper form.