[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 INSTITUTE Unadjusted Trial Balance December 31 |
|||||
Debit | Credit | ||||
Cash | $ | 28,151 | |||
Accounts receivable | 0 | ||||
Teaching supplies | 10,826 | ||||
Prepaid insurance | 16,242 | ||||
Prepaid rent | 2,166 | ||||
Professional library | 32,481 | ||||
Accumulated depreciation—Professional library | $ | 9,746 | |||
Equipment | 96,000 | ||||
Accumulated depreciation—Equipment | 17,325 | ||||
Accounts payable | 22,000 | ||||
Salaries payable | 0 | ||||
Unearned training fees | 12,500 | ||||
Common stock | 24,464 | ||||
Retained earnings | 81,000 | ||||
Dividends | 43,310 | ||||
Tuition fees earned | 110,438 | ||||
Training fees earned | 41,143 | ||||
Depreciation expense—Professional library | 0 | ||||
Depreciation expense—Equipment | 0 | ||||
Salaries expense | 51,972 | ||||
Insurance expense | 0 | ||||
Rent expense | 23,826 | ||||
Teaching supplies expense | 0 | ||||
Advertising expense | 7,579 | ||||
Utilities expense | 6,063 | ||||
Totals | $ | 318,616 | $ | 318,616 | |
2-a. Post the balance from the unadjusted trial
balance and the adjusting entries in to the T-accounts.
2-b. Prepare an adjusted trial balance.
2-a: T Accounts:
Cash | Equipment | |||||||
Unadj. Bal. | $28,151 | Unadj. Bal. | $96,000 | |||||
Adj. Bal. | $28,151 | Adj. Bal. | $96,000 | |||||
Accounts receivable | Accumulated Depreciation-Equipment | |||||||
Unadj. Bal. | $0 | Unadj. Bal. | $17,325 | |||||
f | $9,500 | c | $12,814 | |||||
Adj. Bal. | $9,500 | Adj. Bal. | $30,139 | |||||
Teaching Supplies | Accounts payable | |||||||
Unadj. Bal. | $10,826 | Unadj. Bal. | $22,000 | |||||
b | $8,050 | |||||||
Adj. Bal. | $2,776 | Adj. Bal. | $22,000 | |||||
Prepaid insurance | Salaries payable | |||||||
Unadj. Bal. | $16,242 | Unadj. Bal. | $0 | |||||
a | $3,203 | g | $400 | |||||
Adj. Bal. | $13,039 | Adj. Bal. | $400 | |||||
Prepaid rent | Unearned training fees | |||||||
Unadj. Bal. | $2,166 | Unadj. Bal. | $12,500 | |||||
h | $2,166 | e | $5,000 | |||||
Adj. Bal. | $0 | Adj. Bal. | $7,500 | |||||
Professional liabrary | Common stock | |||||||
Unadj. Bal. | $32,481 | Unadj. Bal. | $24,464 | |||||
Adj. Bal. | $32,481 | Adj. Bal. | $24,464 | |||||
Accumulated depreciation-Professional liabrary | Retained earnings | |||||||
Unadj. Bal. | $9,746 | Unadj. Bal. | $81,000 | |||||
d | $6,407 | |||||||
Adj. Bal. | $16,153 | Adj. Bal. | $81,000 | |||||
Tuition fees earned | Dividends | |||||||
Unadj. Bal. | $110,438 | Unadj. Bal. | $43,310 | |||||
f | $9,500 | |||||||
Adj. Bal. | $119,938 | Adj. Bal. | $43,310 | |||||
Training fees earned | Rent expense | |||||||
Unadj. Bal. | $41,143 | Unadj. Bal. | $23,826 | |||||
e | $5,000 | h | $2,166 | |||||
Adj. Bal. | $46,143 | Adj. Bal. | $25,992 | |||||
Depreciation expense-Professional library | Teaching supplies expense | |||||||
Unadj. Bal. | $0 | Unadj. Bal. | $0 | |||||
d | $6,407 | b | $8,050 | |||||
Adj. Bal. | $6,407 | Adj. Bal. | $8,050 | |||||
Depreciation expense-Equipment | Advertising expense | |||||||
Unadj. Bal. | $0 | Unadj. Bal. | $7,579 | |||||
c | $12,814 | |||||||
Adj. Bal. | $12,814 | Adj. Bal. | $7,579 | |||||
Salaries expense | Utilities expense | |||||||
Unadj. Bal. | $51,972 | Unadj. Bal. | $6,063 | |||||
g | $400 | |||||||
Adj. Bal. | $52,372 | Adj. Bal. | $6,063 | |||||
Insurance expense | ||||||||
Unadj. Bal. | $0 | |||||||
a | $3,203 | |||||||
Adj. Bal. | $3,203 |
2-b: Trial Balance:
WELLS TECHNICAL INSTITUE | ||
Adjusted Trial Balance | ||
December 31 | ||
Account title | Debit | Credit |
Cash | $28,151 | |
Accounts receivable | $9,500 | |
Teaching Supplies | $2,776 | |
Prepaid insurance | $13,039 | |
Prepaid rent | $0 | |
Professional liabrary | $32,481 | |
Accumulated depreciation-Professional liabrary | $16,153 | |
Equipment | $96,000 | |
Accumulated Depreciation-Equipment | $30,139 | |
Accounts payable | $22,000 | |
Salaries payable | $400 | |
Unearned training fees | $7,500 | |
Common stock | $24,464 | |
Retained earnings | $81,000 | |
Dividends | $43,310 | |
Tuition fees earned | $119,938 | |
Training fees earned | $46,143 | |
Depreciation expense-Professional library | $6,407 | |
Depreciation expense-Equipment | $12,814 | |
Salaries expense | $52,372 | |
Insurance expense | $3,203 | |
Rent expense | $25,992 | |
Teaching supplies expense | $8,050 | |
Advertising expense | $7,579 | |
Utilities expense | $6,063 | |
Total | $347,737 | $347,737 |
[The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned...
[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 a. An...
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...
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...
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...
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 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 An analysis of WTI's insurance policies shows that $3,864 of coverage...