Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay...

 

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Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school, WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items a. 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 2018. c. Annual depreciation on the equipment is $15,986. d. Annual depreciation on the professional library is $7,993. e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calis for a monthly fee of $2,800, and the cilient 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 2019. t. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 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.) 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, 2018 Debit Credit Cash $ 28,302 Accounts recelvable Teaching supplien Prepaid insurance Prepaid rent Professionai library Accumulated depreciation-Professional 1ibrary Equipment Accumulated depreciation-Equi pment Accounts payable Salaries payable Unearned training feen Common stock 10,R84 16,329 2,178 32,655 $ 3,798 76,185 17,410 37,159 14,000 12,000 57,231 Retained earnings, December 31, 2017 Dividende Tuition fees earned 43,542 111.030 41,364 Training fees earned Depreciation expense-Professional 1ibrary Depreciation expense-quipment Salaries expense 53,251 Insurance expense Rent expense Teaching supplien espense Advertising expense Utilities expense 23,958 7,620 4,096 $300,000 300,000 Totals Journal entry worksheet 5 6 78 3 An analysis of WTI's insurance policies shows that $3,996 of coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credil Tuition fees eamed 3,996 Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 5 6 78 2 3 Ah inventory count shows that teaching supplies costing $3,464 are available at year-end 2018. Note Enter debits before credits. Transaction General Journal Debit Credit b. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4. 6 7 8 Annual depreciation on the equipment is $15,986. Note: Enter detbits before credits. Transaction General Jourmal Debit Credit C. Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end View transaction list Journal entry worksheet 2 6 7 8 3 Annual depreciation on the professional library is $7,993. Note: Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting joumal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 6. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, 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 Not Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 7. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $5,061 tuition per month payable it 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 haif-month; for example, Nota Enter detits before credits Transaction General Journal Debit Credit equired: Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 3 4 5 6. 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. Note Enter debits before credits Transaction General Journal Debit Credit Required: 2. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet 2 4 6 <> The balance in the Prepaid Rent account represents rent for December. Note: Enter debits before credits Transaction General Journal Debit Credit

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Journal entry of the Wells Technical Institute For the year en... View the full answer