Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Wells Technical Institute (WTI) 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. 8 2 Part 1 of 3 points eBook Print Additional Information 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. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On September 1, WTI agreed to do five training courses for a client for $2,500 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 $12,500 cash in advance for all five training 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, $7,500 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 $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit Credit $ 34,000 8,000 12,000 3,000 35,000 $ 10,000 80,000 15,000 26,000 12,500 10,000 80,000 50,000 123,900 40,000 0 0 50,000 0 33,000 0 6,000 6,400 $ 317,400 $ 317,400 Required information No Transaction General Journal Debit Credit 1 a. Insurance expense 2,400 2 b. Teaching supplies expense 3 C. Depreciation expense-Equipment 13,200 4 d. Depreciation expense-Professional library 7,200 5 e. Unearned revenue 6 f. Accounts receivable 7 g. Salaries expense 8 h. Rent expense Wells Technical Institute (WTI) 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. 8 2 Part 1 of 3 points eBook Print Additional Information 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. c. Annual depreciation on the equipment is $13,200. d. Annual depreciation on the professional library is $7,200. e. On September 1, WTI agreed to do five training courses for a client for $2,500 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 $12,500 cash in advance for all five training 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, $7,500 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 $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Tuition revenue Training revenue Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals Debit Credit $ 34,000 8,000 12,000 3,000 35,000 $ 10,000 80,000 15,000 26,000 12,500 10,000 80,000 50,000 123,900 40,000 0 0 50,000 0 33,000 0 6,000 6,400 $ 317,400 $ 317,400 Required information No Transaction General Journal Debit Credit 1 a. Insurance expense 2,400 2 b. Teaching supplies expense 3 C. Depreciation expense-Equipment 13,200 4 d. Depreciation expense-Professional library 7,200 5 e. Unearned revenue 6 f. Accounts receivable 7 g. Salaries expense 8 h. Rent expense
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
14. Evaluate: 27 15. Simplify: (mn-)6 mn-1 n and write your answer as a power of m times a power of 16. Evaluate the following: 17. Multiply: (4-7i)(5+31) 25- 4 18. Find the product: (4-7i)(4+7i) 19....
-
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....
-
Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in offsite locations. Its unadjusted trial balance as of...
-
Assume that the marginal product of capital is given by the following expression: MPK = 60/K^0.7 (K is measured in trillions). a) Graph the demand curve for capital and find the equilibrium real...
-
(a) If Erin Company had net income of $300,000 in 2016 and it experienced a 24.5% increase in net income for 2017, what is its net income for 2017? (b) If 6 cents of every dollar of Erin's revenue is...
-
ACC-112 M Question 1 Ch 910 1-4-Com X On January 2, 20x1, Valentina x Romheducation.com/ext/map/index.html? con-con&external browser-08launchUrl=https%253A%252F%252Flms.mheducation.com6252Fm Student...
-
True or False: If \(E R R>M A R R\), then MIRR \(>\) MARR.
-
The bank portion of the bank reconciliation for Helene Company at November 30, 2012, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The...
-
1. Mr. i holds the following preferences over outcomes w, x, y, and z: xPw, xPy, zPx, yPz, wPy, and wPz. (a) Identify all five possible subsets of these outcomes that contain three or more outcomes....
-
For the case The WM. Wrigley Jr. Company: Capital Structure, Valuation, and the Cost of Capital(Darden Case: UVAF1482) please answer the following questions and explain your reasoningwhere...
-
Assume the variable line refers to a string. Write code that creates a set of all the vowels in line. Assign the set to the variable vowels.
-
D I AM ABLE TO RUNIT WITH OUT ERRORS> #include using namespace std; // Function to perform Warm-up exercise void performWarmUp(int warmUpReps) { cout < < "*** Warm-up Section ***" < < endl; for (int...
-
Briefly review the ten Principles outlined in Fr. Byron's book, "The Power of Principles" on Integrity, Veracity, Fairness (Justice), Human Dignity, Workplace Participation, Commitment, Social...
-
(a) Show that (2,1,6), (4,7,9) and (11,7,-12) are the vertices of a right triangle. (b) Find the area of the triangle.
-
Liam Co's December 31, 2021 and 2022 financial statements included the following information: 2022 2021 Accounts receivable $ 40,000 $ 36,000 Inventory 28,000 35,000 Net Sales 190,000 186,000 Cost of...
-
What are the inherent risks to fixed assets that the auditor must consider when planning the audit?
-
On July 1, 2005, Knudsen purchased 13-year, 7% bonds having maturity a value of $448,000. Interest is paid semi-annually on June 30 and December 31 and the bonds provide the bondholders a 15% yield....
-
Les has collected stamps in his spare time for years. He purchased many of his stamps at a price much lower than the current market value. Les recently lost his job as a carpenter. Since his wife...
-
Refer to the information in QS. Assign costs to the assembly departments outputspecifically, the units transferred out to the painting department and the units that remain in process in the assembly...
-
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through...
-
Key comparative figures for Samsung, Apple, and Google follow. Required 1. Compute the gross margin ratio for each of the three companies. 2. Is Samsungs gross margin ratio better or worse than that...
-
Soccer continues to grow in popularity as a sport in the United States. High-profile players such as Hope Solo and Landon Donovan have helped generate renewed interest in the sport at various age...
-
The bar graph illustrated in Figure 27 is a USA Today-type graph. A survey was conducted by Impulse Research for Quilted Northern Confidential in which individuals were asked how they would flush a...
-
Figure 30 represents the educational attainment (level of education) in 2013 of adults 25 years and older who are U.S. residents. Why might this graph be considered misrepresentative. Approach Find...
Study smarter with the SolutionInn App