Question

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance Decenber 31, 2817 AAn analysis of WII's insurance policies shows that $3,864 of coverage has expired. BAn inventory count shows that teaching supplies costing $3,349 are available at year-end 2017 CIAnnual depreciation on the equipment is $15,458. DIAnnual depreciation on the professional library is $7,729. Debit Cash Accounts receivable Teaching supplios Prepaid insurance Prepaid rent Professional library Accunulated depreciation-Professional library Equipnent Accunulated depreciation-Equipmant S 27,849 18.718 16,868 2,143 32,133 $ 9,641 E)On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. Ihe contract calls for a monthly fee of $2,600, and the client paid the first five months' fees in advance. Whe the cash was received, the Uneaned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. 74, 968 17,139 37,341 payable Saleries payable Unearned training fees Common stock Retained arning Dividends Tuition fees earned 13,000 11,800 54,123 FIOn October 15, WTI agreed to teach a four-month class (beginning immediately for an individual for $5,000 tuition per month payable at the end ot the class. The class started on October 15, but no payment has yet been eceived. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) 42,845 189,254 40,702 fees earned Depreciation expense Professional library Depreciation expense-tquipnent Salaries axpensp Insurance cxpensc Rent expense Teathing supplies expense Advertising expense Utilities expense Totals Note: Enter debits before credits. 1,415 23,573 ,498 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 peer day n each employee. HiThe balance in th Prepaid Rent account reesents rent for Deceer $ 295,200 予295,200 ired: pare the necessary adjusting journal entrles for Items a through h. Assume that adjusting entrles are mac

Answer 1

No	Accounts Title	Dr	Cr
A	Insurance expenses	$3,864
	Prepaid Insurance		$3,864
B	Teaching supplies expenses	7361
	Teaching supplies (10710-3349)		$7,361
C	Depreciation expenses- equipment	$15,458
	Accumulated Depreciation-equipment		$15,458
D	Depreciation expenses- Professional Library	$3,864
	Accumulated Depreciation-Professional Library		$3,864
E	Unearned Training Fees	$5,200
	Training fees earned (2600*2)		$5,200
F	Accounts receivable	$12,500
	Tution Fees earned (5000*2.5)		$12,500
G	Salaries expenses (100*2days*2)	$400
	Salaries Payable		$400
H	Rent expenses	2143
	Prepaid Rent		2143
If any doubt please comment. If satisfied rate