1-8 of Journal Entry

, Chapter 3 . Homework -+ wirrer who Horne Page. ACCT 20501-Dhaerb -C GL0302 - Based on Problem 3 3A Wells Technical Institute LO A1, P1, P2, P3 Wels Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tultion directly to the school.,WTI also offers training to groups in off site locations. ts unadjusted trial balance as of December 31, 2015, is found on the trial balance tab. WTI initisaly records prepaid expenses and unearned rewenues in balange entries on December 31, 2015, follow a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2015 c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional ibrary is $7,200. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The sheet accounts.Descriptions of items a through h that require adjusting contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016 On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) WTr's two employees are paid weekly. As of the end of the year, two days' salaries have acrued at the rate of $100 per day for each employee The balance in the Prepaid Rent account represents rent for December t. & h. General General Trial Balance statement Equity ournal Income StOwner Balance Sheet income RequirementGeneral For transactions a-h, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click Trecord entry Journal entry worksheet An analysis of WTIs insurance policies shows that $2,400 of coverage has expired ote: Enter debits before oredts Type here to search