Question

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 along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired. b. An inventory count shows that teaching supplies costing $3,349 are available at year-end. C. Annual depreciation on the equipment is $15,458. d. Annual depreciation on the professional library is $7,729. e. On September 1, WTI agreed to do five courses for a client for $2,200 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 $11,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $13,500 of the tuition has been earned by WTI. 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 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December.

Just need help inputting the numbers , Thank you !

Answer 1

Requirement 2A:

Cash					Equipment
Unadj. Bal.	$28,302				Unadj. Bal.	$103,000
Adj. Bal.	$28,302				Adj. Bal.	$103,000
Accounts receivable					Accumulated Depreciation-Equipment
Unadj. Bal.	$0				Unadj. Bal.			$17,418
f	$13,500						c	$15,458
Adj. Bal.	$13,500				Adj. Bal.			$32,876
Teaching Supplies					Accounts payable
Unadj. Bal.	$10,884				Unadj. Bal.			$22,000
		b	$7,535
Adj. Bal.	$3,349				Adj. Bal.			$22,000
Prepaid insurance					Salaries payable
Unadj. Bal.	$16,329				Unadj. Bal.			$0
		a	$3,864				g	$400
Adj. Bal.	$12,465				Adj. Bal.			$400
Prepaid rent					Unearned training fees
Unadj. Bal.	$2,178				Unadj. Bal.			$11,000
		h	$2,178		e	$4,400
Adj. Bal.	$0				Adj. Bal.			$6,600
Professional library					Common stock
Unadj. Bal.	$32,655				Unadj. Bal.			$30,205
Adj. Bal.	$32,655				Adj. Bal.			$30,205
Accumulated depreciation-Professional library					Retained earnings
Unadj. Bal.			$9,798		Unadj. Bal.			$84,000
		d	$7,729
Adj. Bal.			$17,527		Adj. Bal.			$84,000
Tuition fees aerned					Dividends
Unadj. Bal.			$111,030		Unadj. Bal.	$43,542
		f	$13,500
Adj. Bal.			$124,530		Adj. Bal.	$43,542
Training revenue					Rent expense
Unadj. Bal.			$41,364		Unadj. Bal.	$23,958
		e	$4,400		h	$2,178
Adj. Bal.			$45,764		Adj. Bal.	$26,136
Depreciation expense-Professional library					Teaching supplies expense
Unadj. Bal.	$0				Unadj. Bal.	$0
d	$7,729				b	$7,535
Adj. Bal.	$7,729				Adj. Bal.	$7,535
Depreciation expense-Equipment					Advertising expense
Unadj. Bal.	$0				Unadj. Bal.	$7,620
c	$15,458
Adj. Bal.	$15,458				Adj. Bal.	$7,620
Salaries expense					Utilities expense
Unadj. Bal.	$52,251				Unadj. Bal.	$6,096
g	$400
Adj. Bal.	$52,651				Adj. Bal.	$6,096
Insurance expense
Unadj. Bal.	$0
a	$3,864
Adj. Bal.	$3,864

Requirement 2B:

WELLS TECHNICAL INSTITUTE
Adjusted Trial Balance
December 31
Account title	Debit	Credit
Cash	$28,302
Accounts receivable	$13,500
Teaching Supplies	$3,349
Prepaid insurance	$12,465
Prepaid rent	$0
Professional library	$32,655
Accumulated depreciation-Professional library		$17,527
Equipment	$103,000
Accumulated Depreciation-Equipment		$32,876
Accounts payable		$22,000
Salaries payable		$400
Unearned training fees		$6,600
Common stock		$30,205
Retained earnings		$84,000
Dividends	$43,542
Tuition revenue		$124,530
Training revenue		$45,764
Depreciation expense-Professional library	$7,729
Depreciation expense-Equipment	$15,458
Salaries expense	$52,651
Insurance expense	$3,864
Rent expense	$26,136
Teaching supplies expense	$7,535
Advertising expense	$7,620
Utilities expense	$6,096
Total	$363,902	$363,902