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) | ||||
Required information The following information applies to the questions displayed below Wells Technical Institute ( WTI),...
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 a through h that
require adjusting entries on December 31.
Additional Information Items...
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 a through h that require adjusting entries on December 31. Additional Information Items...
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 a through h that
require adjusting entries on December 31.
Additional Information Items...
wells technical
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 a through h that require adjusting entries on December 31. Additional...
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 a through h that require adjusting entries on December 31. Additional Information Items...
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 a through h that require adjusting entries on December 31 Additional Information Items...
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 a through h that require adjusting entries on December 31. Additional Information...
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 a through h that require adjusting entries on December 31. Additional Information Items...
View transaction list Journal entry worksheet 56 On September 1, WTI agreed to do five courses for a client for $2,400 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 $12,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal...
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. Its unadjusted trial balance as of December 31, 2017, 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, 2017, follow. Additional...