Homework Answers
| Cash | Equipment | |||||||
| Unadj. Bal. | 26340 | Unadj. Bal. | 70903 | |||||
| Adj. Bal. | 26340 | Adj. Bal. | 70903 | |||||
| Accounts Receivable | Accumulated depreciation- Equipment | |||||||
| Unadj. Bal. | $0 | Unadj. Bal. | $16210 | |||||
| f. | 10548 | c. | 13871 | |||||
| Adj. Bal. | 10548 | Adj. Bal. | $30081 | |||||
| Teaching Supplies | Prepaid Insurance | |||||||
| Unadj. Bal. | 10129 | Unadj. Bal. | $15197 | |||||
| b. | 7123 | a. | 3468 | |||||
| Adj. Bal. | 3006 | Adj. Bal. | 11729 | |||||
| Prepaid Rent | Professional Liabrary | |||||||
| Unadj. Bal. | $2027 | Unadj. Bal. | $30391 | |||||
| h. | 2027 | |||||||
| Adj. Bal. | $0 | Adj. Bal. | 30391 | |||||
| Accumulated depreciation-Professional Library | Accounts Payable | |||||||
| Unadj. Bal. | $9119 | Unadj. Bal. | $34612 | |||||
| d. | 6936 | |||||||
| Adj. Bal. | 16055 | Adj. Bal. | 34612 | |||||
| Salaries Payable | Unearned Training Fees | |||||||
| Unadj. Bal. | $0 | Unadj. Bal. | $13000 | |||||
| g. | 400 | e. | 5200 | |||||
| Adj. Bal. | 400 | Adj. Bal. | 7800 | |||||
| T.Wells, Capital | T.Wells, Withdrawals | |||||||
| Unadj. Bal. | $64431 | Unadj. Bal. | $40523 | |||||
| Adj. Bal. | 64431 | Adj. Bal. | 40523 | |||||
| Tuition fees earned | Training fees earned | |||||||
| Unadj. Bal. | $103332 | Unadj. Bal. | $38496 | |||||
| f. | 10548 | e. | 5200 | |||||
| Adj. Bal. | 113880 | Adj. Bal. | 43696 | |||||
| Depreciation expense- Profession Library | Depreciation expense- Equipment | |||||||
| Unadj. Bal. | $0 | Unadj. Bal. | $0 | |||||
| d. | 6936 | c. | 13871 | |||||
| Adj. Bal. | 6936 | Adj. Bal. | 13871 | |||||
| Salaries expense | Insurance expense | |||||||
| Unadj. Bal. | $48628 | Unadj. Bal. | $0 | |||||
| g. | 400 | a. | 3468 | |||||
| Adj. Bal. | 49028 | Adj. Bal. | 3468 | |||||
| Rent expense | Teaching supplies expense | |||||||
| Unadj. Bal. | $22297 | Unadj. Bal. | $0 | |||||
| h. | 2027 | b. | 7123 | |||||
| Adj. Bal. | 24324 | Adj. Bal. | ||||||
| Advertising expense | Utilities expense | |||||||
| Unadj. Bal. | $7092 | Unadj. Bal. | $5673 | |||||
| Adj. Bal. | 7092 | Adj. Bal. | 5673 | |||||
Teaching supplies expense= $10129-3006= $7123
Salaries payable= $100*2*2= $400
Training fees earned= $2600*2= $5200
| WELLS TECHNICAL INSTITUTE | ||
| Adjusted Trial Balance | ||
| December 31 | ||
| Debit | Credit | |
| Cash | $26340 | |
| Accounts receivable | 10548 | |
| Teaching supplies | 3006 | |
| Prepaid insurance | 11729 | |
| Prepaid rent | 0 | |
| Professional library | 30391 | |
| Accumulated depreciation- Professional library | 16055 | |
| Equipment | 70903 | |
| Accumulated depreciation- Equipment | 30081 | |
| Accounts payable | 34612 | |
| Salaries payable | 400 | |
| Unearned training fees | 7800 | |
| T.Wells, Capital | 64431 | |
| T.Wells, Withdrawals | 40523 | |
| Tuition fees earned | 113880 | |
| Training fees earned | 43696 | |
| Depreciation expense- Professional library | 6936 | |
| Depreciation expense- Equipment | 13871 | |
| Salaries expense | 49028 | |
| Insurance expense | 3468 | |
| Rent expense | 24324 | |
| Teaching supplies expense | 7123 | |
| Advertising expense | 7092 | |
| Utilities expense | 5673 | |
| Totals | $310955 | $310955 |
Add Answer to:
il tells a. An analysis of WTI's insurance policies shows that $3.468 of coverage has expired....
a. An analysis of WTI's insurance policies shows that $3,468 of coverage has expired b. An...
a. An analysis of WTI's insurance policies shows that $3,468 of coverage has expired b. An inventory count shows that teaching supplies costing $3,006 are available at year-end 2018 c. Annual depreciation on the equipment is $13,871 d. Annual depreciation on the professional library is $6,936 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, and the client paid the first five months'...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6,407. e. On September 1, WTI agreed to do five courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will...
a. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An...
a. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,891 are available at year-end. c. Annual depreciation on the equipment is $13,342. d. Annual depreciation on the professional library is $6,671. e. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until...
a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. b. An...
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 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...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,335 of coverage has...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,891 are available at year-end. c. Annual depreciation on the equipment is $13,342. d. Annual depreciation on the professional library is $6,671. e. On September 1, WTI agreed to do five courses for a client for $2.800 each. Two courses will start immediately and finish before the end of the year. Three courses will...
Required information (The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a...
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...
have another question similar this is part 2 Required information Problem 3-3A Preparing adjusting entries, adjusted...
have another question similar this is part 2
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 (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 prepa. revenues in balance sheet accounts. Its unadjusted trial balance as...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay...
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. WTl 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 analysis of WT's insurance policies shows that $2,939 of...
REQ 3A, 3B, 3C HW Help S. Additional Information Items a. An analysis of WTI's insurance...
REQ 3A, 3B, 3C
HW Help S. Additional Information Items a. An analysis of WTI's insurance policies shows that $3.468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five courses for a client for $2,600 each. Two courses will start immediately and finish before the...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2,...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [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...
a. An analysis of WTI's insurance policies shows that $3,468 of coverage has expired b. An inventory count shows that teaching supplies costing $3,006 are available at year-end 2018 c. Annual depreciation on the equipment is $13,871 d. Annual depreciation on the professional library is $6,936 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, and the client paid the first five months'...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,776 are available at year-end. c. Annual depreciation on the equipment is $12,814. d. Annual depreciation on the professional library is $6,407. e. On September 1, WTI agreed to do five courses for a client for $2,300 each. Two courses will start immediately and finish before the end of the year. Three courses will...
a. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,891 are available at year-end. c. Annual depreciation on the equipment is $13,342. d. Annual depreciation on the professional library is $6,671. e. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until...
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 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...
Additional Information Items a. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,891 are available at year-end. c. Annual depreciation on the equipment is $13,342. d. Annual depreciation on the professional library is $6,671. e. On September 1, WTI agreed to do five courses for a client for $2.800 each. Two courses will start immediately and finish before the end of the year. Three courses will...
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...
have another question similar this is part 2
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P6 (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 prepa. revenues in balance sheet accounts. Its unadjusted trial balance as...
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. WTl 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 analysis of WT's insurance policies shows that $2,939 of...
REQ 3A, 3B, 3C
HW Help S. Additional Information Items a. An analysis of WTI's insurance policies shows that $3.468 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,006 are available at year-end. c. Annual depreciation on the equipment is $13,871. d. Annual depreciation on the professional library is $6,936. e. On September 1, WTI agreed to do five courses for a client for $2,600 each. Two courses will start immediately and finish before the...
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3, P4, P5, P6 [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...
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