eztomheducationcom M Question 1 7 Chapter 3 Extra Credit Problem 3 3a , Connect Chapter 3 Extra Credit Problem 3.3a 0 Saved 1 Part1of3 Help Required information [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 athrough h that require adjusting entries on December 31. Additional Information Items An analysis of WTl's insurance policies shows that $2,542 of coverage has expired. An inventory count shows that teaching supplies costing $2,204 are available at year-end. Annual depreciation on the equipment is $10,170. Annual depreciation on the professional library is $5,085. On September 1, WTI agreed to do ve courses for a client for $2,500 each. Two courses will start immediately and nish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all ve 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, $6,248 of the tuition revenue has been earned by WTI. g. WTl'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. 999?? WELLS TECl-NICAL INSTITUTE Unadjusted Trial. Balance December 31 Debit Credit Cash $ 26,491 Accounts receivable 0 Teaching supplies 10,187 Prepaid insurance 15,284 Prepaid rent 2,039 Professional library 30,565 Accumulated depreciationProfessional library $ 9,171 Equipment 103,000 Accumulated depreciationEquipment 16,303 Accounts payable 24,000 (alarin: navah'lo n C"? Prev 1 2 3 of 3 iii Next > Save & Exit Submit ezto.mheducation.com M Question 'l , Chapter 3 Extra Credit Problem 3 36 , Connect Chapter 3 Extra Credit Problem 3.3a 0 Saved Help Save ,3. am Submit Salaries payable 0 Unearned revenue 12,500 Common stock 25,880 Retained earnings 82,000 Dividends 40,755 Tuition revenue 103,924 Training revenue 38,717 Depreciation expenseProfessional library 0 Part1of3 Depreciation expenseEquipment 0 Salaries expense 48,907 _ Insurance expense 0 Rent expense 22,429 Teaching supplies expense 0 Advertising expense 7,132 Utilities expense 5,706 Totals $ 312,495 $312,495 Required: 1. Prepare the necessary adjusting journal entries for items athrough h. Assume that adjusting entries are made only at year-end. View transaction list Journal entry worksheet An analysis of WTI's insurance policies shows that $2,542 of coverage has expired. Note: Enter debits before credis. , C"? % Prev 1 2 3 of3 Next > O ezto.mheducation.com C M Question 2 - Chapter 3 Extra Credit Problem 3.3a - Connect Chapter 3 Extra Credit Problem 3.3a i Saved Help Save & Exit Submit 2 2-a. Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. 2-b. Prepare an adjusted trial balance. Part 2 of 3 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts. Cash Equipment Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Accounts Receivable Accumulated Depreciation-Equipment Unadj. Bal. Unadj. Bal. Adj. Bal 0 Adj. Bal. 0 Teaching Supplies Accounts Payable Unadj. Bal Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Mc Graw Hill ezto.mheducation.com C M Question 2 - Chapter 3 Extra Credit Problem 3.3a - Connect Chapter 3 Extra Credit Problem 3.3a i Saved Help Save & Exit Submit Required information 2 Prepaid Insurance Salaries Payable Unadj. Bal. Unadj. Bal. Part 2 of 3 Adj. Bal Adj. Bal. Prepaid Rent Unearned Revenue Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. 0 Professional Library Common Stock Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. Accumulated Depreciation-Professional Library Retained Earnings Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Tuition Revenue Dividends Unadj. Bal. Unadj. Bal. Mc Graw Hill ezto.mheducation.com C M Question 2 - Chapter 3 Extra Credit Problem 3.3a - Connect Chapter 3 Extra Credit Problem 3.3a i Saved Help Save & Exit Submit Required information 2 Training Revenue Rent Expense Unadj. Bal. Unadj. Bal. Part 2 of 3 Adj. Bal. 0 Adj. Bal. 0 Depreciation Expense-Professional Library Teaching Supplies Expense Unadj. Bal. Unadj. Bal. Adj. Bal. Adj. Bal. Depreciation Expense-Equipment Advertising Expense Unadj. Bal. Unadj. Bal. Adj. Bal Adj. Bal. Salaries Expense Utilities Expense Unadj. Bal. Unadj. Bal. Adj. Bal. 0 Adj. Bal. nsurance Expense Unadj. Bal. Mc Graw Hill