Question

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directlyWELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2015 Debit 34,000 Credit Cash 8,000 12,000 Accounts receivabl80,UUU 15,000 26,000 12,500 90,000 50,000 123,900 40,000 Equipment Accumulated depreciation Equipment Accounts payable Salari

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Adjusting Entries:

Transaction General Journal Debit Credit
a Insurance expense $2,400
Prepaid insurance $2,400
[To record insurance expense]
b Teaching Supplies expense [8,000-2,800] $5,200
Teaching Supplies $5,200
[To record supplies expense]
c Depreciation expense-Equipment $13,200
Accumulated depreciation-Equipment $13,200
[To record depreciation expense on equipment]
d Depreciation expense-professional library $7,200
Accumulated depreciation-professional library $7,200
[To record depreciation expense on professional library]
e Unearned training fees $5,000
Training fees [$2,500 x 2 months] $5,000
[To record fees earned from unearned]
f Accounts receivable $7,500
Tuition fees earned [$3,000 x 2.5 months] $7,500
[To record accrued tuition fees earned]
g Salaries expense [$100 x 2 days x 2 employees] $400
Salaries payable $400
[To record accrued salaries]
h Rent Expense $3,000
Prepaid rent $3,000
[To record rent expense]
Add a comment
Know the answer?
Add Answer to:
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items athrough h that require adjusting entries on December 31, 2018, follow.    Additional Information Items An analysis of WTI's insurance policies shows that $2,400 of...

  • 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. Its unadjusted trial balance as of December 31, 2018, 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, 2018, follow. Additional Information Items a. An analysis of WTI's insurance policies shows that $4,129...

  • 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. 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 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...

  • 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. Its unadjusted trial balance as of December 31, 2018, 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, 2018, follow.    Additional Information Items An analysis of WTI's insurance policies shows that $3,732...

  • 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. 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 Information Items An analysis of WTI's insurance policies shows that $4,129 of...

  • 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. 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 $2,939 of coverage...

  • 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...

  • 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. Its unadjusted trial balance as of December 31, 2018, 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, 2018, follow. Additional Information Items o. An analysis of WTI's insurance policies shows that $3,468...

  • 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. 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 Information Items An analysis of WTI's insurance policies shows that $4,129...

  • 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. Its unadjusted trial balance as of December 31, 2018, 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, 2018, follow.    Additional Information Items An analysis of WTI's insurance policies shows that $3,864...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT