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Required information The following information applies to the questions displayed below Wells Technical Institute ( WTI), a s

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

Required: 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made on

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Answer #1
The journal entries are recorded based on accounting rules in which all expenses, assets, losses are debited for increase and revenue, liabilities, equity, gain are credited for increase
Adjusting journal entries are reflected below
Transaction General Journal Debit Credit
a. Insurance expense $3,600
   Prepaid insurance $3,600
(To record insurance expense)
b. Teaching supplies expense (10,187-3,120) $7,067
   Teaching supplies $7,067
(To record supplies expense)
c. Depreciation expense - Equipment $14,400
    Accumulated depreciation - Equipment $14,400
(To record depreciation on equipment)
d. Depreciation expense - Professional library $7,200
    Accumulated depreciation - Professional library $7,200
(To record depreciation on professional library)
e. Unearned training fees (2*2500) $5,000
    Training fees earned $5,000
(To record training fees earned)
f. Accounts receivable $11,450
    Tuition fees earned $11,450
(To record tuition fees earned)
g. Salaries expense ($100*2*2) $400
   Salaries expense payable $400
(To record salaries accrued)
h. Rent expense $2,039
   Prepaid rent $2,039
(To record rent expense)
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