equired information Problem 3 3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 Skip to question The following information applies to the questions displayed below 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 WTI initially records prepaid expenses and unearned revenues in balance sheet accounts Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31 Additional Information Items An analysis of WTI's insurance policies shows that $2,674 of coverage has expired An inventory count shows that teaching supplies costing $2,318 are available at year end Annual depreciation on the equipment is $10,698 Annual depreciation on the professional library is $5,349 On September 1, WTI agreed to do five 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 courses on September 1, and WTI credited Unearned Training Fees 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 has been earned by WTI 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 The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash $ 26,189 Accounts receivable 0 Teaching supplies 10,071 Prepaid insurance 15,110 Prepaid rent 2,015 Professional library 30,217 Accumulated depreciationProfessional library $ 9,066 Equipment 70,500 Accumulated depreciationEquipment 16,117 Accounts payable 33,340 Salaries payable 0 Unearned training fees 14,000 T Wells, Capital 64,062 T Wells, Withdrawals 40,291 Tuition fees earned 102,740 Training fees earned 38,275 Depreciation expenseProfessional library 0 Depreciation expenseEquipment 0 Salaries expense 48,350 Insurance expense 0 Rent expense 22,165 Teaching supplies expense 0 Advertising expense 7,051 Utilities expense 5,641 Totals $ 277,600 $ 277,600 Post the balance from the unadjusted trial balance and the adjusting entries in to the T accounts Post the balance from the unadjusted trial balance and the adjusting entries in to the T accounts Equipment Cash 26,189 Unadj Bal Unadj Bal Adj Bal 26,189 Adj Bal 0 Accounts Receivable Accumulated Depreciation Equipment Unadj Bal Unadj Bal Adj Bal Adj Bal 0 Teaching Supplies Accounts Payable Unadj Bal Unadj Bal Adj Bal Adj Bal 0 Prepaid Insurance Salaries Payable Unadj Bal Unadj Bal Adj Bal Adj Bal 0 Prepaid Rent Unearned Training Fees Unadj Bal Unadj Bal Adj Bal 0 Adj Bal 0 Professional Library T Wells, Capital Unadj Bal Unadj Bal Adj Bal 0 Adj Bal T Wells, Withdrawals Accumulated DepreciationProfessional Library Unadj Bal Unadj Bal Adj Bal 0 Adj Bal Tuition Fees Earned Rent Expense Unadj Bal Unadj Bal Adj Bal Adj Bal 0 Training Fees Earned Teaching Supplies Expense Unadj Bal Unadj Bal Adj Bal 0 Adj Bal Advertising Expense Depreciation ExpenseProfessional Library Unadj Bal Unadj Bal Adj Bal 0 Adj Bal 0 Utilities Expense Depreciation Expense Equipment Unadj Bal Unadj Bal Adj Bal Adj Bal Salaries Expense Insurance Expense Unadj Bal Unadj Bal Adj Bal Adj Bal 0 WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees T Wells, Capital T Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expenseProfessional library Depreciation expense Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 0 $

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Question: equired information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 Skip to question [The following information

equired information

Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6

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[The following information applies to the questions displayed below.] 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. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items

An analysis of WTI's insurance policies shows that $2,674 of coverage has expired.
An inventory count shows that teaching supplies costing $2,318 are available at year-end.
Annual depreciation on the equipment is $10,698.
Annual depreciation on the professional library is $5,349.
On September 1, WTI agreed to do five 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 courses on September 1, and WTI credited Unearned Training Fees.
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 has been earned by WTI.
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.
The balance in the Prepaid Rent account represents rent for December.

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31
	Debit		Credit
Cash	$	26,189
Accounts receivable		0
Teaching supplies		10,071
Prepaid insurance		15,110
Prepaid rent		2,015
Professional library		30,217
Accumulated depreciationProfessional library			$	9,066
Equipment		70,500
Accumulated depreciationEquipment				16,117
Accounts payable				33,340
Salaries payable				0
Unearned training fees				14,000
T. Wells, Capital				64,062
T. Wells, Withdrawals		40,291
Tuition fees earned				102,740
Training fees earned				38,275
Depreciation expenseProfessional library		0
Depreciation expenseEquipment		0
Salaries expense		48,350
Insurance expense		0
Rent expense		22,165
Teaching supplies expense		0
Advertising expense		7,051
Utilities expense		5,641
Totals	$	277,600	$	277,600

Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts.

equired information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 Skip to question [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition

Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts. Equipment Cash 26,189 Unadj. Bal. Unadj. Bal. Adj. Bal. 26,189 Adj. Bal. 0 Accounts Receivable Accumulated Depreciation Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0 Teaching Supplies Accounts Payable Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0 Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0 Prepaid Rent Unearned Training Fees Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Professional Library T. Wells, Capital Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. T. Wells, Withdrawals Accumulated DepreciationProfessional Library Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. Tuition Fees Earned Rent Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. 0 Training Fees Earned Teaching Supplies Expense Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. Advertising Expense Depreciation ExpenseProfessional Library Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Utilities Expense Depreciation Expense-Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Salaries Expense Insurance Expense Unadj. Bal. Unadj. Bal. Adj. Bal Adj. Bal. 0 WELLS TECHNICAL INSTITUTE Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciationProfessional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expenseProfessional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 0 $

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